Sistema's India unit open to acquisitions

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SummaryRussian conglomerate Sistema's Indian mobile phone unit is open to acquisitions in India, the unit's head said.

Russian conglomerate Sistema's Indian mobile phone unit, set to lose all but one of its 22 zonal operating permits, is open to acquisitions in India, the unit's head said on Monday.

However, Vsevolod Rozanov, CEO at Sistema Shyam TeleServices Ltd, said he does not expect any deals until the Supreme Court decides on the company's appeal on the order to revoke the permits.

Nothing serious to report on this, he said when asked if it was was currently engaged in talks with any company in India.

Sistema Shyam TeleServices Ltd will lose its permits in January after a court order to revoke permits awarded in a scandal-tainted 2008 sale.

Media reports have said Sistema is in talks to acquire Indian carrier Aircel, which is the country's seventh-biggest mobile phone operator by customers.

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