BT sells stake in Indian IT firm

5th Aug 2011 15:53

British telecoms titan BT has announced that it has sold its 51% stake in Accel Frontline, an IT infrastructure group based in Chennai, India. Through BT's 2008 acquistion of Singapore-based Frontline Technologies Corporation, the FTSE 100-listed firm took ownership of 42% of Accel and bought a further 9%.The 51% (11,478,488 shares) were sold on Friday for around £6.9m."We consider this shareholding to be non-core to BT's strategy in the Asia Pacific region. However, India is, and remains, a key market for BT," the statement said.Shares were not immune to the global sell-off on Friday, and were 5.71% under at 183.20p at 15.55pm.BC