Sistema Shyam to raise up to $400 million from Indian banks
17 Dec 2009
Sistema Shyam Teleservices Ltd (SSTL), a joint venture between Russia-based Sistema and the Shyam group, is planning to raise $300-400 million from Indian banks.
"This would be basically for operational finance, and we intend to raise it in the next six months," said SSTL president and CEO Vsevolod Rozanov.
The company, which has a presence across eight telecom regions through its MTS India brand, launched its CDMA-based mobile telephony services in the Mumbai region on 16 December.
The 10th entrant in the crowded Mumbai telecom services market, MTS has announced a promotional tariff rate of half a paisa per second for local calls to any network and long-distance calls on its network in the Mumbai circle to its subscribers.
SSTL plans to launch services in two more telecom circles (in western Maharashtra and Haryana) by early January, and expects to complete the roll-out across 22 circles to which it holds licences by the end of 2010.