Russia-based telecom service provider Sistema JSFC has bought a 10 per cent stake in Shyam Telelink for $11.4 million. As per the deal, Sistema will pick up another 41 per cent stake in Shyam Telelink in the near future. The company also has an option to increase its stake to a maximum of 74 per cent after obtaining approval from the Foreign Investment Promotion Board. The Russian company had earlier tried to pick up a 49 per cent stake in Aircel. Shyam Telelink, which offers basic telephony services in the Rajasthan circle, has applied for UASLs to provide services in the remaining 22 circles. According to sources, the company will have to make an investment of at least Rs 300 billion to set up a greenfield cellular network across the country.
