announced Mr. Peter Kaliaropoulos, Batelco Group CEO
"Initiatives are also underway to launch in three more circles by the end of Quarter 1, 2010. These milestones are consistent with our plans which we had previously announced to the market" added Mr. Kaliaropoulos.
"STel is one of the first new operators to enter the market in a very timely manner due to infrastructure sharing with existing operators" mentioned Mr. Swaminathan, Director STel.
STel has licences for Himachal Pradesh, Orissa, Bihar, Jharkhand, Jammu and Kashmir and Assam circles.
STel has tied-up over Rs 2,000 crore with debt component of Rs 953 crore and the promoters (Siva Group) and Batelco have already brought in Rs 1,253 crore as equity capital.
Batelco has 49% stake in S Tel and the Siva group holds 51% stake.
"STel is also exploring its participation in the forthcoming auction for 3G mobile spectrum. Both the Siva and Batelco Groups are assisting in the process but we have to decide which circles we will be bidding for" said Mr. Kaliaropoulos.
STel CEO Shamik Das, said, "The six growth circles with a population of 226 million people provide an opportunity to deliver a tailored, relevant value proposition."