Russian government to buy 20 per cent stake in Sistema Shyam

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Russian government to buy 20 per cent stake in Sistema Shyam

April 15, 2009

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The Russian government is likely to buy about 20 per cent stake in telecom service provider Sistema Shyam for a little over Rs 34.32 billion. The deal values Sistema Shyam at about Rs 171.6 billion. Sistema, one of the largest public diversified corporations in Russia and the Commonwealth of Independent States, has a 74 per cent stake in its joint venture (JV) with the Shyam Group. After the stake sale, Sistema's holding in the JV will come down to about 54 per cent while there will be no change in the shareholding of Shyam Telecom, which will continue to hold 26 per cent equity.