The struggling Bahraini carrier will use the amount to meet its medium-term capital needs.
The Bahraini telecoms operator will receive $174.5 million, the same amount that it paid to purchase the stake in the Indian firm.
The airline’s CEO said that it was unlikely that the struggling carrier would be dissolved or sold.
The Bahraini firm saw its subscriber base increase by 20 per cent year-on-year in 2011.
The signing of $930 million worth of trade deals at the Bahrain International Airshow has raised expectations for 2014.