Russia's Sistema ups stake in Shyam Telelink

Moscow, May 30 (UNI) AFK Sistema, one of Russia's largest diversified companies, has concluded the acquisition of 21 per cent stake in India's Shyam Telelink cellular operator, thus increasing its share to 72 per cent.

The Russia conglomerate, AFK Sistema, had obtained 10 per cent stock in Shyam Telelink in September last year, following which it increased its share to 51 per cent and signed an option agreement which allowed it to increase its share from 51 to 74 per cent in January this year.

On May 23 this year, Sistema had signed an amendment to the given agreement that helped to speed up the acquisition of a 21 per cent stake and to use the right for acquisition not waiting for 16 months to expire.

The AFK Sistema has finalised the deal on acquiring 21 per cent stake in India's Shyam Telelink, Russian news agencies reported quoting Sistema's official report.

The transaction is valued at 45 million dollars.

UNI XC SBA HT1924