Sistema eyes full control of Indian unit

Russian telecoms group Sistema is looking to take full control of its subsidiary in India, Sistema Shyam TeleServices (SSTL), which trades as MTS India. The Russian firm currently holds a 73.95% interest in MTS India, just below the maximum 74% allowed for an overseas investor before having to seek government approval. Sistema has now approached the Foreign Investment Promotion Board (FIPB) to apply for permission to increase its holding to up to 100%, the Financial Express reports. UK-based Vodafone Group recently completed a similar move, taking full control of its Indian subsidiary last month.