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This is an archive article published on December 1, 2009

Govt clears stake sale by Sistema-Shyam

The Government has cleared a proposal by the CDMA telecom operator Sistema-Shyam to sell up to 20 per cent stake to a Russian state entity.

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The Government has cleared a proposal by the CDMA telecom operator Sistema-Shyam to sell up to 20 per cent stake to a Russian state entity,which will bring in FDI worth Rs 3,051 crore.

The proposal relates to up to 20 per cent stake sale by Sistema-Shyam,a joint venture between Russian telco Sistema and the Kolkata-based Shyam,to the Federal Agency for State of Property Management,an investment vehicle of the Russian government.

Sistema-Shyam,operating under the brand name of MTS,is in immediate need of huge funds for its expansion. Despite having a national licence,currently,it is operating only in nine circles 8211;Delhi,Kolkata,West Bengal,Rajasthan,Tamil Nadu,Kerala,Bihar,Jharkhand and Karnataka8211;and has 13 circles to launch operations.

The company previously has arranged around USD 1 billion foreign funds and has been trying to arrange more funds through FDI for this purpose.

Sistema-Shyam already has composite foreign holding of 73.71 per cent. The existing regulation allows only 74 per cent foreign stake in the telecom sector.

As such,the company has proposed to issue shares to Indian entities8211;AT Invofin India and Cellphone Credit and Securities India8211;so that sectoral cap is not breached.

 

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