Russian govt likely to delay investment in SSTL

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New Delhi: Telecom operator Sistema Shyam Teleservices (SSTL) may have to wait for funds from Russia, as the Russian government is understood to have delayed its plans to invest over 3,051 crore in the firm, following the 20 percent stake acquisition in the new telecom operator, reports Economic Times. Confirming the move, SSTL spokesperson said, "The decision on investment into SSTL by Russian Federation has been moved to the next government (Russian) meeting, as it is undergoing due process for such investments." However, he added that SSTL is rolling out its network and innovative telecom services in India as planned. Last year, in December, the government had cleared a proposal by the CDMA telecom operator SSTL to sell up to 20 percent stake to a Russian state entity, which will bring in Foreign Direct Investment worth 3,051 crore. Despite having a national licence, currently, SSTL is operating in 11 circles which include Tamil Nadu/Chennai, Kerala, Rajasthan, Kolkata, West Bengal, Bihar/Jharkhand, Delhi, Karnataka, Haryana, Mumbai and Maharashtra. The operator already has composite foreign holding of 73.71 percent, Shyam Group holds 23.79 percent and the remainder is held by minority shareholders.