Sanguine about the positive response on its curative petition from the Supreme Court following the cancellation of its licences, Russia’s Sistema said that it has no plans to pull out of Indian market, reports PTI.

Sistema with 56.68 per cent stake in Sistema Shyam Teleservices (SSTL) lost 21 2G spectrum licences following the Supreme Court’s February 2 verdict cancelling 122 licences believed to be rigged.

The company has already decided not to participate in the 2G auction scheduled to begin on November 12,

PTI has quoted SSTL President and CEO Vsevolod Rozanov to suggest that the company is looking to “legal route” and is positive that  Supreme Court to consider its  curative petition

Last month Russia said that the dispute over Sistema will have its impact on the foreign investment which could also affect Indo-Russia bilateral cooperation.

Russian Ambassodor to India Alexander Kadakin had said that if Indian courts fail to resolve the issue, there will be no option left but to take recourse to international arbitration. He said that Russia has expressed its displeasure over the issue many time in the past.

Sistema has invested USD 3.1 billion in telecom venture in India and Russia has already said that it will not let this huge investment go waste.