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| SSTL gets Rs 1,300 cr fund for pan-India expansion |
| Press Trust of India / New Delhi Aug 12, 2010, 18:07 IST |
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Sistema Shyam TeleServices today said it has received a loan of Rs 1,300 crore from State Bank of India to be used for pan-India expansion.
Sistema Shyam TeleServices Ltd (SSTL) is a joint venture between Russia-based Sistema and the Shyam Group of India. Sistema holds majority 74 percent equity in SSTL, which operates MTS brand of telecom service in India.
State Bank of India has already given a Rs 4,500 crore fund and non fund based limit to SSTL, the company said in a press statement.
MTS has plans to use the loan for pan-India expansion, capital as well as operating expenses along with introducing cutting edge technology for its customers in India.
"The amount will be utilised to fund our expansion plans and to introduce new products and services in the most competitive telecom market of India," SSTL Corporate Finance and Treasury Director Ilya Kosolapov said.
Currently, MTS services are available across 12 telecom circles and has a six million subscriber base along with over a hundred and fifty thousand data customers. SSTL has been allocated spectrum to provide mobile telephony services in all the 22 circles, across the country.
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