SSTL gets FIPB nod for NLD licences

NEW DELHI: The Foreign Investment Promotion Board ( FIPB) has approved Sistema Shyam TeleServices Ltd’s application for offering national and international long distance services in India .

The FIPB, in a meeting held on February 15, approved SSTL’s proposal to amend the foreign collaboration approval on account of additional activities proposed, according to an official statement.

SSTL is a joint venture between Russia’s Sistema and Shyam Group of India .

Sistema holds majority share (74%) in the JV, while Shyam Group holds a 23.5% stake and rest 2.5% is with public. When contacted, SSTL spokesperson said: “To remain competitive in the market in terms of carriage cost and to also offer a world class service to its customers, acquiring a National Long Distance (NLD) licence for a pan-India telecom company like SSTL assumes a lot of significance .”