Indian telco operator Sistema Shyam TeleServices (SSTL), a joint venture between Russian firm Sistema and Indian company the Shyam group, announced on Thursday that it has received a Rs13bn (US$278m) loan from the State Bank of India (SBI).
“The amount…
Indian telco operator Sistema Shyam TeleServices (SSTL), a joint venture between Russian firm Sistema and Indian company the Shyam group, announced on Thursday that it has received a Rs13bn (US$278m) loan from the State Bank of India (SBI).
“The amount will be utilised to fund our expansion plans and to introduce new products and services in the most competitive telecom market of India,” said in the statement Ilya Kosolapov, SSTL corporate finance and treasury director.
SBI has already conferred a Rs45bn (about US$961m) fund and non-fund based limit to SSTL.
Sistema has a 73.71% stake in Sistema Shyam, while Shyam Group holds 23.79%. The remainder is held by minority shareholders. A few days ago, it was reported that Sistema could soon list SSTL, which operates in 11 of India’s 22 telecom circles.
