Sistema Shyam Teleservices (SSTL), the JV between Russian operator Sistema and conglomerate Shyam Group, may be listed by early 2011, according to SSTL CEO cited by the Press Trust of India.
A few weeks ago, the Russian government said it was going to…
Sistema Shyam Teleservices (SSTL), the JV between Russian operator Sistema and conglomerate Shyam Group, may be listed by early 2011, according to SSTL CEO cited by the Press Trust of India.
A few weeks ago, the Russian government said it was going to invest US$600m in SSTL, in return for a 20% stake in the company. The investment deal between the Russian government and the operator is part of a scheme aimed at settling India’s outstanding debt with the former Soviet Union.
Under an agreement between the two countries, Russia is able to use India’s outstanding debt, about US$1bn, to finance investments in India.
A decision on the investment was also required to allow SSTL to submit an IPO proposal, as it needed accurate information about its shareholding structure. Sistema has a 73.71% stake in Sistema Shyam, while Shyam Group holds 23.79%. The remainder is held by minority shareholders.
