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| S Tel to launch mobile services in few circles by year-end |
| Press Trust of India / New Delhi Nov 06, 2009, 17:22 IST |
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S Tel, a joint venture between the Siva group and Bahrain Telecom, today said it will launch mobile services in a few circles by this year-end and announced tying up funds to the tune of Rs 2,000 crore for the purpose.
The company has licences for the Himachal Pradesh, Orissa, Bihar, Jharkhand, Jammu and Kashmir and Assam circles.
S Tel CEO Shamik Das said that "with the successful financial closure, we are set to launch our services in six circles over the current year and early next year." As regards the other 16 circles, the company is pursuing them actively but did not divulge any information as the matter was sub- judice.
Eight leading public sector banks led by IDBI have come forward to provide Rs 953 crore long term funding for nine years to the company, he said.
In addition, the promoters (Siva group) and Batelco (Bahrain Telecommunications Company) have already brought in Rs 1,253 crore as equity capital.
The company is also looking at the option to participate in the forthcoming auction for 3G spectrum. "Our board will soon take a decision in this regard," Siva group CEO V Srinivasan said.
Batelco has 49 per cent stake in S Tel and the Siva group holds 51 per cent stake in the entity.
Asked whether the Siva group would offload its stake any further, Srinivasan said, as of now there is no such plan. "We have funds for the next three years."
The company has tied up with Tatas, Reliance, Bharti and Quippo for towers and has also outsourced IT operations, Das said.
Asked whether the Siva group would offload its stake any further, Srinivasan said, as of now there is no such plan. "We have funds for the next three years."
The company has tied up with Tatas, Reliance, Bharti and Quippo for towers and has also outsourced IT operations, Das said.
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