Reliance Communication Acquires Sistemas Indian Telecom Business
Billionaire Anil Ambani-led Reliance Communications today said it will take over Russian conglomerate Sistema's Indian mobile telephony venture that operates under the MTS brand.
While financial details of the deal were not immediately announced, RCom said Sistema Shyam Teleservices Ltd (SSTL) will hold a 10 percent equity stake in RCom as a result of the deal.
In addition, RCom will assume the liability to pay the government installments for SSTL's spectrum, amounting to Rs 392 crore per annum for the next 10 years.
"RCom will acquire approximately 9 million customers and approximately Rs 1,500 crore of annual revenues by virtue of the transaction," the company said in a statement.
In addition, RCom will acquire SSTL's most valuable and superior 800/850 MHz band spectrum, idea...