Sistema is open to M&A in India: SSTL CEO Dmitry Shukov

NEW DELHI: Sistema Shyam Teleservices is open to talks on merger and acquisitions, according to its chief executive, Dmitry Shukov.

“SSTL (Sistema Shyam Teleservices) is a part of huge financial conglomerate, Sistema, and it is open to M&A possibilities in India,” Shukov told ET on Wednesday. “We are interested in such M&A stories but, as of now, don’t have much concrete information to share.” Sistema Shyam is the Indian arm of Russian oil-totelecom conglomerate Sistema JSFC.

On whether the company was in talks with Tata Teleservices, Shukov said the telco “was open” to discussions but it was “premature to discuss specifics”.

There were reports last year that Sistema Shyam was in exploratory talks for a three-way merger with Tata Teleservices and Aircel. However, no deal has been signed so far. Japan’s NTT DoCoMo, which holds 26% stake in Tata Teleservices, has decided to exit the joint venture, citing the telco’s failure to meet performance parameters as reason.

Last week, Sistema JSFC had sought the Indian government’s approval to raise its stake in Sistema Shyam to over 74%.