The Russian government is said to be preparing to take an indirect 20% stake in Indian cellco Sistema Shyam Teleservices (SSTS), reports Cellular News citing local media. The cellco is currently 73%-owned by Russia’s Sistema, and Kommersant claims that the proposed deal would enable Sistema to retain a majority stake in the company, while Russia would buy the shares to settle India’s outstanding Soviet-era debt.
The cellco aims to secure 35 million subscribers by 2012. Altogether Shyam Telelink now has spectrum in 22 Indian circles, covering 28 administrative states and seven union territories with a population of approximately 1.1 billion people.