Indian telecommunications operator Sistema Shyam TeleServices Ltd Tuesday denied a media report that said it has shelved plans to acquire a domestic competitor Aircel Ltd and added that there has been no talks for acquisition in the first place.
"Sistema Shyam TeleServices Ltd
has time and again maintained that there were no plans of acquiring any
telecom service provider. All such media reports were based on
speculation," a Sistema Shyam spokesman said in a statement.
On February 2, 2012, the Supreme Court had ordered canceling all 122 telecommunication licenses issued to eight operators, including 21 licenses of Sistema Shyam, under the scam-tainted 2G spectrum sale by the government in 2008.
"Sistema Shyam TeleServices Ltd
has time and again maintained that there were no plans of acquiring any
telecom service provider. All such media reports were based on
speculation," a Sistema Shyam spokesman said in a statement.
Earlier Tuesday, The Economic Times had reported that Sistema Shyam, a joint venture between Russia-based business conglomerate Sistema JSFC and India's Shyam group, has shelved plans to buy Aircel, after failing to reach a suitable price and flop spectrum auction in November 2012.
Aircel is 74% owned by Maxis Communications Bhd, with the remainder held by India's Sindya Securities and Investments Pvt Ltd.
The acquisition would have helped Sistema Shyam stay in business in India without participating in the spectrum auction next month after its licenses are set to become invalid by a Supreme Court of India directive.
Sistema Shyam recently said that its licenses have been extended until a further Supreme Court hearing on March 11.The acquisition would have helped Sistema Shyam stay in business in India without participating in the spectrum auction next month after its licenses are set to become invalid by a Supreme Court of India directive.
On February 2, 2012, the Supreme Court had ordered canceling all 122 telecommunication licenses issued to eight operators, including 21 licenses of Sistema Shyam, under the scam-tainted 2G spectrum sale by the government in 2008.
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