Money» Sistema Opens Doors To Acquisition Bids For Indian Unit

Sistema opens doors to acquisition bids for Indian unit

  • Dailybhaskar
  • Nov 19, 2012, 16:22 PM IST
Sistema opens doors to acquisition bids for Indian unit, money news in English

money news in English

New Delhi: Russian Telecom major, Sistema's Indian arm Sistema Shyam, is now opening doors for new investors to come in and acquire the venture as it stands to loose 1 but 22 of its licenses in the country for 2G operations. The Russian company is also in a tussle with the government over the issue, where it is looking for an appeal to stop the cancellation of the licenses, but should the worst case scenario emerge, a takeover will be offered, is what CEO Vsevolod Rozanov reveals.
"Nothing serious to report on this," he said when asked if it was was currently engaged in talks with any company in India. Though this reaction from him stands pretty calm, toruble is brewing at the other end, becuase by January 2013, the licenses will be cancelled, which the company had bought in 2008 in the tainted spectrum auction. Aslo, talks have emerged that Sistema could even acquire Aircel, which happens to be India's 7th largest telecom major by volume. In other words, consolidation in the telecom sector seems certainly underway, but whether that will bear a positive consequence on service quality and larger volumes, remains to be seen. 
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