Info-tech

No plans to acquire any telecom operator: Sistema Shyam

PTI New Delhi | Updated on September 14, 2012 Published on September 14, 2012

Telecom firm, Sistema Shyam Teleservices, whose 21 licences have been quashed by Supreme Court, on Friday said that it has no plans to acquire any telecom operator.

“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.

Priority of SSTL, in which Russian conglomerate Sistema holds 56.68 per cent, is to seek clarity on spectrum related regulations from the government and also look at the outcome of the its curative petition filed in the Supreme Court, it said.

The Russian government, which holds 17.14 per cent stake in the company, has also been expressing concern and pressing the Indian government to ensure protection of Sistema’s investment.

The company’s licences are valid till January 18, 2013 and to continue its operations in India, as per present rules, it will need to purchase spectrum through auction due in November.

Media reports have said that Sistema is planning to acquire a controlling stake in a major Indian telecom firm.

SSTL has filed curative petition before the apex court seeking exemption from its judgement of February 2, 2012 that cancelled 122 telecom permits.

Published on September 14, 2012

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