Sistema Shyam in talks to sell 20% stake to Russian Govt | india | Hindustan Times
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Sistema Shyam in talks to sell 20% stake to Russian Govt

india Updated: Mar 26, 2009 23:04 IST
HT Correspondent
HT Correspondent
Hindustan Times
New Delhi

Sistema Shyam Teleservices Ltd (SSTL) has sought help from the Russian government, and is in understood to be in talks to offload a 20 per cent equitty stake with the government.

Russian major Sistema owns 74 per cent stake in SSTL. There is an opportunity to have a co-investor in the project, the company’s president and CEO Vsevolod Rozanov said. He, however, didn’t disclose the valuation at which negotiations are taking place.

TTSL plans to list the company in the domestic markets. “We will be initiating the process of listing after 12 months based on the market conditions,” Alok Tandon, managing director of SSTL, told Hindustan Times.

The company on Thursday launched mobile services in Chennai. It had earlier launched services in Rajasthan. “In next two to three months services will be launched in Kerala, West Bengal, and Bihar,” said Tandon.

TTSL has licences for operating services throughout the country. The company has entered into an agreement with Sistema-owned Mobile TeleSystems of Russia to launch its pan-India operations under the MTS brand. It operates services on CDMA platform.

Previously, Shyam telecom was offering services in Rajasthan under the brandname Rainbow.