The Russian government approves equity investment in SSTLSistema , the largest diversified public financial corporation in Russia and the CIS, which invests in and is a major shareholder of companies operating in different industries, today announced that the Government of the Russian Federation has approved an equity investment in Sistema Shyam TeleServices Ltd. (SSTL), Sistema’s subsidiary in India, which provides telecommunications services under the MTS brand.

It is expected that the Russian Government, represented by the Federal Agency for State Property Management (Rosimushchestvo), will participate in an issuance of additional shares of SSTL, paying an equivalent of US$ 600 million in the form of Indian rupees held in accounts representing Indian governmental debt to the Russian Federation. (more…)