Sistema to increase stake in Shyam Telelink to 74%

Corporate Bureau, Agencies
Posted: 2008-02-13 23:09:05+05:30 IST
Updated: Feb 12, 2008 at 2327 hrs IST

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Russia’s largest public diversified corporation Sistema on Tuesday said it would increase its stake in Indian telecom operator Shyam Telelink from 51% at present to 74% in the next 1-2 years. The foreign direct investment policy in India allows foreign companies to buy up to 74% stake in Indian firms.

The company will also invest $4-7 billion to roll out a pan-Indian network. “We will initially focus on building out an integrated national telecom network and providing our Indian customers with enhanced telecom services, depending on the spectrum allocation provided by the department of telecom,” Sistema president and CEO Alexander Goncharuk said after inaugurating the company’s office in New Delhi.

Shyam Telelink provides both fixed-line and mobile telecom services in Rajasthan. In September 2007, Sistema acquired a 10% stake for about $11.4 million in Shyam Telelink, which had last month received licences to launch services across the country.

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Sistema to increase stake in Shyam Telelink to 74%

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