DUBAI, United Arab Emirates (AP) — Bahraini telecommunications company Batelco Group said Wednesday it is selling its stake in Indian mobile operator S Tel for $174.5 million, just days after India's top court nullified more than 100 mobile phone licenses.
Batelco amassed its 42.7 percent stake in S Tel less than three years ago. It said it hopes to complete the sale to India's Sky City Foundation Ltd. by the end of October.
India's top court last week ordered the government to cancel 122 licenses granted to companies during a scandal-tainted 2008 sale of the second-generation, or 2G, cell phone spectrum. The licenses were offered at discount prices on an unorthodox …
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