Sistema Shyam gets Rs.500 cr loan to fund expansion
March 30th, 2010 - 6:02 pm ICT by IANSNew Delhi, March 30 (IANS) Sistema Shyam TeleServices (SSTL), a joint venture between Russian conglomerate Sistema and India’s Shyam group, has got a Rs.500-crore loan from Central Bank of India to fund its expansion plans.
“The loan from Central Bank of India is an affirmation of the confidence in our business plan by financial institutions ensuring our rollout plans in line with our strategy. The loan amount will be used for capital as well as operational expenditure”, the company’s Chief Financial Officer Sergey Savchenko said Tuesday.
The loan has been given for a term of two years with repayment of the entire amount after maturity, he added.
SSTL, which operates MTS brand of telecom service in India, completed a year of operation on March 26.
It has licences to launch mobile services in all the 22 circles across the country. At present, MTS has four million subscribers in 11 circles.
Present in the CDMA space, the company is planning to expand its broadband wireless services to 100 cities across India by the year-end.
To fund its expansion, the company is also planning to hit the capital market.
Sistema is the majority shareholder in SSTL with a 73.71 percent equity stake.
- Sistema Shyam TeleServices raises Rs.1,280 crore - Jan 12, 2012
- SSTL raises $200 mn loan from ICICI, Barclays Bank - Sep 29, 2011
- Sistema Shyam expects 10 mn user base by December - Mar 25, 2010
- Russian Sistema's India unit to appoint banks for IPO - Mar 15, 2011
- Sistema Shyam to secure $200m Gazprombank loan - Dec 20, 2010
- Sistema Shyam issues over 547 mn shares to Russian government - Mar 30, 2011
- Sistema-Shyam launches MTS in Gujarat - Dec 03, 2010
- Sistema Shyam gets $70 mn loan from Chinese bank - Jul 16, 2009
- SSTL reports quarterly loss of Rs.657.6 crore - Sep 07, 2011
- Will help Indo-Russia venture to expand: Putin - Mar 12, 2010
- Sistema to contest Supreme Court verdict on 2G licence - Feb 03, 2012
- MTS launches zero paisa plan to retain customers - Feb 09, 2012
- MTS to spend Rs.100 crore on data services in Gujarat - Mar 03, 2011
- Sistema Shyam Teleservices reports Rs.666.4 crore net loss - Jun 07, 2011
- Shyam-Sistema denies TRAI's charges - Nov 18, 2010
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