MTS crosses 10-million subscriber base
16 Mar 2011
MTS, a relatively new entrant in India's rapidly expanding telecommunications market, has crossed the 10-million subscriber base within two years of launch.
The cellphone operator has launched a new tag line – A step ahead – to mark the occasion. ''We started this journey about two years ago in Tamil Nadu and have crossed this milestone in less than two years," said Vsevolod Rozanov, president and chief executive officer Sistema Shyam TeleServices Ltd (SSTL).''
The company, previously known as Shyam Telelink Ltd, is a joint venture between Russia-based Sistema and the Shyam Group, promoted by Rajeev Mehrotra. In 2008, SSTL acquired a pan-India license and spectrum.
Sistema owns a 73.7-per cent stake in SSTL and the Shyam group has a 23.8 per cent.
The company plans to come out with an initial public offering (IPO) and will be appointing investment bankers over the coming months. ''We are in talks with various merchant bankers and will complete the selection process soon,'' adds Rozanov. The IPO launch would depend on regulatory approvals and market conditions.
The telecom operator, which offers code division multiple access (CDMA) services, has more than half a million broadband customers in the country.
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