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Batelco wins USD 211 mln from Indian partner
2014-06-16 16:02:00| Telecompaper Headlines
(Telecompaper) A British court has ruled in Batelco's favour, ordering the operator's former Indian partner to pay it USD 211.1 million for failing to fulfill a previous agreement. Batelco had sued Chennai-based Siva and its chairman Chinnakannan Sivasankaran, seeking repayment of the USD 174.5 million it paid the company for a 43 percent stake in Indian operator S Tel in 2009, plus USD 10.3 million in damages and a further USD 30,000 a day. The court found that the defendants failed to adhere to a settlement agreement for the commercial venture. Batelco exited the venture after S Tel struggled to compete in the crowded Indian market and had several of its licences revoked as part of a wider scandal in the Indian government.
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Category:Telecommunications