Sistema Shyam has no plans to acquire any telecom operator

Telecom firm Sistema Shyam Teleservices today said that the company does not have any plans to acquire any other telecom operator whose licence has been quashed by Supreme Court. 

"Sistema Shyam TeleServices Ltd would like to categorically state that there are no plans of acquiring any telecom service provider. We also believe that such talk is based on sheer speculation," the company said in a statement. 

The Russian conglomerate Sistema holds 56.68 per cent in the SSTL. The Indian arm of the company asked the government for clarity on the issue of regulations related to the spectrum and will also be waiting for the Supreme Court decision on its petition on the issue of 2G license cancellation. 

The Russian government holds 17.14 per cent stake in SSTL, and it has also been lobbying with the Indian government to protect company’s Sistema's investment. There were media reports earlier which suggested Sistema was planning to acquire a controlling stake in a major Indian telecom firm.

Source: http://cablequest.org/news/telecom-news/item/965-sistema-shyam-has-no-plans-to-acquire-any-telecom-operator.htmlSource: http://cablequest.org/news/telecom-news/item/965-sistema-shyam-has-no-plans-to-acquire-any-telecom-operator.html