Bahrain's investment firm GBCORP and telecom firm Batelco Group have announced a strategic partnership for acquiring 11% stake in S-Tel, India, a joint venture between the Batelco Group and the Siva Group of India. “We are greatly pleased to partner with the Batelco Group in their joint venture telecom project in India. The partnership with Batelco is a significant measure of our way forward strategy of building investment bridges through strategic partnerships, identifying new investment opportunities and diversifying our investment portfolio,” said GBCORP Vice-Chairman & Managing Director Abdul Rahman Mohammed. Batelco Group Chief Executive Peter Kaliaropoulos said the company was delighted and welcomed GBCORP as their investment partner in BMIC Limited, the subsidiary company of Batleco that will hold a 49 per cent stake in S Tel India, subsequent to GBCORP's investment. […]

The stock of ABG Shipyard moved up after the announcement that it received a 15.23 per cent stake of Great Offshore in the open offer. Officials at ABG Shipyard could not be reached for comment on what do they propose to do with the stake. ABG and its rival, Bharati Shipyard, had made competitive bids to acquire 33.8 per cent and 20 per cent stakes in Great Offshore respectively. ABG’s offer was to acquire stake at Rs 520 a share, while Bharati’s offer was to acquire at Rs 590 a share. Bharati received 27 per cent of the stake against its offer to acquire 20 per cent. The open offers concluded last month. […]