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Sistema India telecom unit worth $3.5 bn

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CIOL Bureau
New Update

MOSCOW, RUSSIA: Indian mobile telecoms group Sistema Shyam TeleServices, a unit of Russia's Sistema, was valued at $3.5 billion by an independent appraiser, a source familiar with the valuation told Reuters on Wednesday.

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The Russian government has allocated 23.7 billion roubles ($780.4 million) in its 2009 budget to buy a stake of around 20 per cent in the company.

"Sistema Shyam is valued by (appraiser) Avers at around $3.5 billion," the source told Reuters on condition of anonymity. The valuation would put a price of some $700 million on a 20 percent stake.

Earlier Vedomosti business daily said the state may buy 20 per cent of Sistema Shyam TeleServices for $680 million.

Sistema Shyam operates in six of India's 22 telecoms zones and has licences for the remainder. Sistema owns 73.71 per cent in the company and India's Shyam Group has 23.79 per cent.

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