Russia picks up stake in Sistema Shyam

The Russian government will pick up about 20% stake for $600 million (Rs 2,793 crore) in Sistema Shyam Teleservices, a joint venture telecom firm with India’s Shyam Group. Russian Federation has approved an equity investment in Sistema Shyam Teleservices Ltd (SSTL), Sistema’s subsidiary in India, which provides telecom services under MTS brand, SSTL said in a statement. SSTL is a joint venture between Russia’s Sistema and India’s Shyam Group. Sistema has a 73.7% stake in the joint venture, while Shyam Group holds 23.8% in the company and the remaining 2.5% is held by the public.