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S Tel’s telecom project achieves financial closure
Corporate Reporter
CHENNAI: S Tel Private Limited (S Tel), a new entrant in the Indian GSM space, has announced the financial closure of its project with Rs. 2,000 crore outlay. Eight public sector banks led by IDBI Bank have come forward to provide the Rs. 953 crore long term funding of nine years to the company. In addition, the promoters, Siva Group as well as Batelco have already brought in the equity capital of Rs. 1,253 crore.
S Tel is a greenfield operator targeting category C circles. S Tel Private Limited (S Tel), a new telecom operator in the lndian marketplace, is a joint venture between Siva Group (formerly Sterling Infotech Group) and Bahrain Telecommunications Company (Batelco).
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