The Government of India is making efforts to mutually settle issues with Sistema on cancellation of Sistema Shyam Tele Services Limited?s (SSTL) 2G licences, say news reports.
SSTL’s 21 licences were among the 122 2G licences cancelled by the Supreme Court in February this year. To protect its interest and investment in the country SSTL recently invoked provisions of the India-Russia Agreement for Promotion and Mutual Protection of Investments.
SSTL has set August 28, 2012 as the deadline to resolve matters with the Government of India, failing which it will resort to legal means to protect its investment in the country. Following cancellation of its 2G licence SSTL has already written off $700 million on its Indian investments.
The Indian government is making all efforts to come to an agreement with SSTL to safeguard country’s potential investments by Russian Government in infrastructure and manufacturing.
To resolve the issue amicably the Indian government is going to adopt a softer approach during its bilateral talks with Russian Government which is to start in Moscow today.
