 Sistema Shyam Teleservices said that it is negotiating with various financial institutions to raise around Rs 1,350-1,800 crore for its expansion plans.
SSTL President and CEO, Vsevolod Rozanov said that the funds will mainly be used towards expansion in 12 circles where the company is offering its mobile as well as high-speed data services.
"We are in touch with our Russian government to dilute around 20 per cent stake to raise around $700 million. We are also in talks with some of the Indian banks to raise around $300-400 million to fund our short-term growth plans lined up this year," Rozanov said.
SSTL will also be investing Rs.400 crore to Rs.500 crore in each of the four southern states. |