Sistema Shyam: To Invest $3.5 Billion Over 4-5 Years

Mobile-phone operator Sistema Shyam TeleServices Ltd. plans to invest $3.5 billion over the next 4-5 years to expand its network in India, its president and chief executive said Tuesday.

"The company plans to invest mainly for rolling out (services in) new circles as well as for expanding our data services," Vsevold Rozanov told reporters at a news conference.

Russia's Sistema JSFC owns 73.71% of Sistema Shyam while India's Shyam Group holds 23.79%. The remaining stake is held by some minority shareholders.

The company plans to start mobile-phone services in Mumbai and Haryana service areas by Dec. 31, Mr. Rozanov said.

It currently provides mobile services on the code division multiple access, or CDMA, technology in eight of India's 22 telecom service areas and had 2.1 million users at the end of September.

On a sale of fresh shares to the Russian government, Mr. Rozanov said the company is awaiting the Indian government's approval. "However, we hope everything should be fine."

Sistema Shyam has applied for the Indian government's clearance to issue new shares worth about $600 million to the Russian government.

Sandip Ginodia

ABHISHEK SECURITIES

We deal in over 60 unlisted companies with 15 years of experience . For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .

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