Gurgaon: Sistema Shyam TeleServices Ltd. (SSTL), the operator of the MTS brand of telecom service in India has been sanctioned a loan of Rs.1,300 crores by State Bank of India. SSTL is a joint venture between Sistema of Russia with 74% equity and the Shyam Group of India with 23.5% stake. SBI has already conferred Rs.4,500 crores fund and non fund based limit to SSTL. MTS has plans to use the loan for pan India expansion, capital as well as well as operating expenses along with introducing cutting edge technology for its customers in India.
In a release, Ilya Kosolapov, Corporate Finance & Treasury Director, SSTL said, “This loan from SBI illustrates the trust garnered by MTS in the financial community, through its robust business plan and facilitates in executing our expansion plans on time. The amount will be utilized to fund our expansion plans and to introduce new products and services in the most competitive telecom market of India”.
In a short span of time, MTS has secured 6 million subscribers in the 12 telecom circles of Kolkata, West Bengal & Sikkim, Rajasthan, Chennai & Tamil Nadu, Kerala, Bihar & Jharkhand, Mumbai, Maharashtra & Goa, Delhi & NCR, Haryana, Karnataka and Andhra Pradesh. MTS has more than 100 million subscribers all over the world.
MTS continues to expand its presence across India by offering quality voice and data services at the most competitive and affordable price. Being a front-runner in introducing world-class, cutting-edge technologies in India to enhance the customer’s experience, MTS has recently been conferred with ‘Fastest Growing Data Operator Award’ by CMAI at the National Telecom Awards 2010. SSTL has been allocated spectrum to provide mobile telephony services in all the 22 circles across the country.
Kerala IT News