Russian group Sistema has been denied permission to increase its stake in Indian wireless provider Sistema Shyam TeleServices Ltd (SSTL), which operates under the MTS India name, the Economic Times writes. The Department of Telecommunications (DoT) informed Sistema that it would have to seek approval from the Reserve Bank of India as the proposed stake increase had been structured like an overseas debt deal rather than foreign direct investment (FDI). Sistema intended to use redeemable preference shares and convertible redeemable preference shares which, according to a senior DoT official do not ‘qualify as FDI as per the current policy.’
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