SSTL raises $200 mn loan from ICICI, Barclays BankSeptember 29th, 2011 - 6:20 pm ICT by IANS
New Delhi, Sep 29 (IANS) Sistema Shyam TeleServices Limited (SSTL), which operates its telecom services under the MTS brand in India, Thursday said it has raised a loan of about $200 million from two banks to further scale up its telecom operations in the country.
“As part of the process, $100 million was raised from ICICI bank and remaining $100 million was raised from Barclays Bank. This loan has been proportionally secured by Russia’s leading bank, Gazprombank through a standby letter of credit and bank guarantee,” the company said in a statement.
The entire amount of $200 million has now been received by SSTL in a single tranche. The 3-year loan is payable in 2014.
“Given the testing times being faced for financing of the telecom industry in India, raising of $200 million loan by SSTL is a significant achievement. The money raised is a reaffirmation of the confidence reposed by leading banks in our business strategy,” said Sergey Savchenko, chief financial officer, SSTL.
“We plan to utilize the raised money to further scale up our telecom operations in the country,” he added.
- Sistema Shyam TeleServices raises Rs.1,280 crore - Jan 12, 2012
- Sistema Shyam gets Rs.500 cr loan to fund expansion - Mar 30, 2010
- Sistema Shyam to secure $200m Gazprombank loan - Dec 20, 2010
- MTS launches zero paisa plan to retain customers - Feb 09, 2012
- Sistema to contest Supreme Court verdict on 2G licence - Feb 03, 2012
- SSTL reports quarterly loss of Rs.657.6 crore - Sep 07, 2011
- Decision on 2G auction participation only by October: SSTL - Sep 10, 2012
- Sistema Shyam issues over 547 mn shares to Russian government - Mar 30, 2011
- Russian Sistema's India unit to appoint banks for IPO - Mar 15, 2011
- Sistema Shyam gets $70 mn loan from Chinese bank - Jul 16, 2009
- MTS to spend Rs.100 crore on data services in Gujarat - Mar 03, 2011
- MTS launches advanced broadband service - Sep 01, 2011
- Sistema Shyam expects 10 mn user base by December - Mar 25, 2010
- MTS crosses 10 million customers, re-brands itself - Mar 15, 2011
- SSTL files review petition in Supreme Court - Mar 02, 2012
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