Sistema Shyam TeleServices is planning to raise US$400m in debt via Indian banks and financial institutions this year.
CFO Sergey Savchenko said that the firm had already inked US$100m from one Indian bank and was sounding out other banks for the…
Sistema Shyam TeleServices is planning to raise US$400m in debt via Indian banks and financial institutions this year.
CFO Sergey Savchenko said that the firm had already inked US$100m from one Indian bank and was sounding out other banks for the remainder.
TelecomFinance sources said that it was in communion with, among others, SBI Capital Markets for project financing.
The cash raised will be used to fund operational expansion.
The company’s total debt stands at US$700m.
The news comes hot on the heels of Russian Prime Minister Vladimir Putin’s pledge to provide state aid to Sistema Shyam TeleServices. Putin, a 6th dan in judo best known for his machismo and iron hand in Russia, said: “We are ready to contribute funds.”
Russian conglomerate Sistema owns 74% of Sistema Shyam TeleServices.
