MANAMA: Bahrain-based Global Banking Corporation (GBCORP) has acquired an 11 percent stake in STel India, a joint venture telecom company, established between the Batelco Group and the Siva Group of India.
GBCORP said in a statement termed the deal a giant step forward and result of a strategic partnership with Batelco paving the way for the bank to acquire stake in STel.
GBCORP Vice Chairman and Managing Director Abdul Rahman Mohammed Al-Jassimi lauded the partnership with the Batelco Group in their joint venture telecom project in India. Al-Jassimi said that the year 2009 was a challenging year, because of the turbulent economic times, and GBCOPR turned these challenges into opportunities.
"Batelco has an excellent record of accomplishment in establishing a footprint across the region, with operations in seven markets across the Middle East, North Africa and now Asia. The partnership with Batelco is a significant measure of our way forward strategy of building investment bridges through strategic partnerships, identifying new investment opportunities and diversifying our investment portfolio," he said.
"We are delighted and welcome GBCORP as our investment partner in BMIC Limited, a company which will hold a 49 percent stake in STel India, subsequent to GBCORP's investment," said Peter Kaliaropoulos, group chief executive of Batelco.
"Effective partnerships with other telecom operators and strategic investors have been a successful formula, as we are expanding into new markets," added Kaliaropoulos.