Russian Sistema’s India unit to appoint banks for IPO
March 15th, 2011 - 5:42 pm ICT by IANSNew Delhi, March 15 (IANS) Russian telecom group Sistema’s Indian telecom unit Sistema Shyam Teleservices Ltd (SSTL) Tuesday said it will finalise its advisory banks for the proposed initial public offering (IPO) in a couple of months.
“As we have said, we will be ready by the end of this calender year,” Vsevolod Rozanov, chief executive officer of SSTL, told reporters.
The company will finalise the banks for the share sale in the next couple of months, he added.
Sistema, which offers mobile voice and data services in India under the MTS brand, currently holds 73.71 percent share in the Indian venture, Shyam Group holds 23.79 percent and the remaining 2.5 percent is with the public.
The operator also said that it will be tripling its subscribers base by 2013 to 30 million from the existing 10 million users in India.
SSTL is also targeting to complete its rollout plans to complete the commercial rollout across the 22 telecom circles in the country in the next two to three months. Currently, the operator offers services in 18 telecom circles.
According to Rozanov, the $600 million investment deal with the Russian government, which is expected to help the operator in expanding its services in the country, is likely to be completed in the next few weeks.
–Indo-Asian News service
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- Sistema-Shyam launches MTS in Gujarat - Dec 03, 2010
- Russia's Sistema to float public issue for Indian telecom arm - Aug 11, 2010
- Shyam-Sistema denies TRAI's charges - Nov 18, 2010
- SSTL reports quarterly loss of Rs.657.6 crore - Sep 07, 2011
- Sistema Shyam to secure $200m Gazprombank loan - Dec 20, 2010
- Sistema Shyam gets Rs.500 cr loan to fund expansion - Mar 30, 2010
- MTS launches advanced broadband service - Sep 01, 2011
- SSTL's quarterly net loss rises to Rs.1,197 crore - Apr 11, 2012
- Sistema to contest Supreme Court verdict on 2G licence - Feb 03, 2012
- Russia, India to discuss Sistema licence during BRICS summit - Mar 26, 2012
- Sistema gives India 6 months to settle 2G licences row - Feb 28, 2012
- Sistema Shyam TeleServices raises Rs.1,280 crore - Jan 12, 2012
Tags: 10 million, 30 million, asian news, calender year, chief executive officer, commercial rollout, dg, indian telecom, indian venture, indo, initial public offering, initial public offering ipo, investment deal, mobile voice, russian government, shyam, sstl, telecom circles, telecom group, teleservices