Russia-based operator Sistema JSFC has sought the Foreign Investment Promotion Board?s (FIPB) approval to raise its stake up to 100 per cent in its Indian unit Sistema Shyam Teleservices Limited (SSTL).
Sistema JSFC, together with the Russian federation, holds about 74 per cent stake in the Indian subsidiary, and the proposal, once approved, will pave the way for the Russia-based player to buy out its Indian partner Shyam Telecom, which holds the remaining stake.
Meanwhile, SSTL has simultaneously sought approval for raising foreign direct investment (FDI) in internet arm of the company Shyam Internet Services.
Earlier, in July 2013, the government had allowed 100 per cent FDI in telecom companies.
