Russia's Sistema buys 10% stake in Shyam Telelink
Russian telecom firm Sistema today acquired 10 per cent stake in Shyam Telelink, a service operator in Rajasthan which has now applied for nation-wide telecom licenses.
By PTI |
NEW DELHI: Russian telecom firm Sistema today acquired 10 per cent stake in Shyam Telelink, a service operator in Rajasthan which has now applied for nation-wide telecom licenses.
The company has plans to expand service throughout the country and has sold 10 per cent stake to Russian firm as part of this, sources in Shyam Telelink said.
The deal value could not be immediately ascertained. Shyam Telelink, a group firm of Shyam Telecom, is a basic telecom service licensee for Rajasthan. It offers both wireless as well as wireline services. Sources said the company has also applied for getting Unified Services Access (UAS) licences to start operations in 21 circles.
Shyam Telecom shares on the Bombay Stock Exchange surged nearly 20 per cent today to Rs 96.45.
Shyam Telelink offers only CDMA-based service in Rajasthan under the brand name "Rainbow". It was earlier offering GSM-based services as well, but sold it to Bharti Airtel about four years ago.
Although the FDI policy allows foreign companies to buy up to 74 stake in Indian firms, the Russian company has picked up only 10 per cent stake.
The company has plans to expand service throughout the country and has sold 10 per cent stake to Russian firm as part of this, sources in Shyam Telelink said.
The deal value could not be immediately ascertained. Shyam Telelink, a group firm of Shyam Telecom, is a basic telecom service licensee for Rajasthan. It offers both wireless as well as wireline services. Sources said the company has also applied for getting Unified Services Access (UAS) licences to start operations in 21 circles.
Shyam Telecom shares on the Bombay Stock Exchange surged nearly 20 per cent today to Rs 96.45.
Shyam Telelink offers only CDMA-based service in Rajasthan under the brand name "Rainbow". It was earlier offering GSM-based services as well, but sold it to Bharti Airtel about four years ago.
Although the FDI policy allows foreign companies to buy up to 74 stake in Indian firms, the Russian company has picked up only 10 per cent stake.
ADVERTISEMENT
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
