Sistema Shyam TeleServices raises Rs.1,280 crore
January 12th, 2012 - 4:50 pm ICT by IANS ( Leave a comment )New Delhi, Jan 12 (IANS) Russian telecom major Sistema Thursday said its Indian arm — Sistema Shyam TeleServices (SSTL) — has raised Rs.1,280 crore from Deutsche Bank for scaling up its operations in the country.
SSTL which operates its telecom services under the MTS brand has over 15 million wireless customers.
“It was quite challenging to raise such significant funds with such long tenor under current uncertain regulatory environment in India, but business has to continue and grow,” said Sergey Savchenko, chief financial officer of Sistema Shyam Teleservices.
The entire amount of Rs.1,280 crore has been received by SSTL and the 8-year debt is payable by 2019.
The company had in September raised a Rs.920 crore loan from Barclays Bank and ICICI Bank.
“We are planning to utilize the proceeds to further scale up our telecom operations and repayment of maturing loan,” Savchenko added.
Sistema holds a 56.68 percent stake in the venture, while the Russian government holds 17.14 percent and the Shyam Group of India has another 23.98 percent. The remaining 2.2 is publicly owned.
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- SSTL raises $200 mn loan from ICICI, Barclays Bank - Sep 29, 2011
- MTS launches zero paisa plan to retain customers - Feb 09, 2012
- Sistema Shyam gets Rs.500 cr loan to fund expansion - Mar 30, 2010
- Foreign investor sentiment will not be affected: Sibal - Feb 08, 2012
- Manmohan to meet key ministers over 2G verdict - Feb 09, 2012
- Bahrain's Batelco to exit India, to sell stake in STel - Feb 08, 2012
- SSTL reports quarterly loss of Rs.657.6 crore - Sep 07, 2011
- Russian Sistema's India unit to appoint banks for IPO - Mar 15, 2011
- Ensure money lent to telecom firms is given back: SBI - Feb 16, 2012
- SSTL launches mobile broadband services in Andhra - Mar 23, 2011
- Sistema Shyam Teleservices reports Rs.666.4 crore net loss - Jun 07, 2011
- Sistema Shyam to secure $200m Gazprombank loan - Dec 20, 2010
- MTS to spend Rs.100 crore on data services in Gujarat - Mar 03, 2011
Tags: barclays, barclays bank, chief financial officer, deutsche bank, icici bank, India, indian arm, New Delhi, percent stake, proceeds, regulatory environment, russian government, sstl, telecom operations, telecom services, teleservices, tenor, wireless customers
