By musiclover - Thu Jul 29, 4:27 pm

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Edited bymusiclover

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ahrain Telecommunications plans to raise its holdings in local communications firm S Tel has been rejected by the Indian government, officials with direct knowledge of the developments told ET.

Earlier this year, Bahrain Telecommunications had sought approval to hike its nearly 42% stake in S Tel by an additional 6.3% more for about $53 mn. If the deal had taken place, S Tel’s foreign holding would have risen to 54.61% because another foreign entity – Mauritius-based Telecom Investment Private already has a 5.6% stake in the telco. After deliberating the proposal for nearly six months, the India’s Foreign Investment Promotion Board (FIPB), the nodal agency for clearing all major foreign investments, rejected it in its last meet on July 12 on security grounds, documents available with ET reveal.

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