SSTL confirms 20% stake sale plan to Russian government

21 Dec 2010

Sistema Shyam TeleServices (SSTL, MTS India) has announced it will complete a 20% stake sale to the Russian government for USD600 million in the first quarter of 2011. The cellco is currently 74%-owned by Russia’s Sistema and 23.5%-owned by the Shyam Group. SSTL has also signed an agreement with Gazprombank, under which the Russian company will provide a loan of USD200 million which will be used for network rollout. The news comes in the wake of SSTL receiving a notice from the Indian government seeking an explanation for the delay in network deploymen.

India, Sistema, Sistema Shyam TeleServices (SSTL, MTS India)