Russia''s Sistema acquires stake in Shyam Telelink

Mumbai: Sistema, which controls Russia''s top mobile phone firm Mobile TeleSystems (MTS), has bought 10 per cent stake in Shyam Telelink Ltd for $11.4 million and said it plans to raise its stake in the Indian telecom operator to 51 per cent.

The deal would amount to $58.1 million if the Indian regulator allowed it to acquire control of Shyam Telelink, Sistema said in a statement.

Shyam Telelink has a licence to provide fixed-line and cellular services in Rajasthan and also controls local internet services provider Shyam Internet.