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MOSCOW, December 24. /TASS/. Russia’s Sistema and India’s Reliance Group have signed an agreement to establish a joint telecommunications company, Sistema’s principal owner Vladimir Yevtushenkov said on Thursday.
He was speaking at a meeting of Russian President Vladimir Putin and Indian Prime Minister Narendra Modi with the Russian-Indian business circles.
"We have signed with a major Indian company - Reliance Group of Mr. Anil Ambani, who is present here, - an agreement on establishing our joint venture. If you, Mr. President and you, Mr. Prime Minister uphold it this will create one of the world's largest telecommunications companies with over 300 million subscribers, "- Yevtushenkov said.
On November 2, Sistema signed binding documents on the merger of its Indian telecom business Sistema Shyam TeleServices (SSTL) and Reliance Communications, which is one of the largest telecom operators in India.
The transaction implies that the telecom business is spun out from SSTL and merged with the business of Reliance Communications. SSTL share in the capital of the combined company will be 10%. The market capitalization of Reliance is about $ 2.5 billion, so this share is estimated at $ 250 million. The transaction is expected to be closed in the second quarter of 2016.
Sistema Shyam TeleServices Ltd. /SSTL/ is a mobile operator in India. A 56.7% stake in the company is owned by Russia’s Sistema Holding. SSTL provides telecommunication service under MTS brand.
Sistema is a publicly-traded diversified holding company in Russia and the CIS, which invests in and is a major shareholder of companies serving over 100 million customers in the sectors of telecommunications, high technology, radars and aerospace, banking, retail, mass-media, tourism and healthcare services. Sistema’s global depository receipts are listed on the London Stock Exchange. Sistema’s ordinary shares are listed on the Moscow Exchange.