Gurgaon, India - 30 March 2010. - Sistema Shyam Teleservices Ltd (SSTL) has been sanctioned a loan of INR 5B (~$110 mln) by Central Bank of India. The loan has been given by the bank for a term of two years with repayment of the entire amount after maturity.
SSTL has plans to connect all the telecom circles which it has been given spectrum and the loan amount will be used for capital as well as operational expenditure.
“The loan from Central Bank of India is an affirmation of the confidence in our business plan by financial institutions ensuring our roll out plans in line with our strategy”, said Mr. Sergey Savchenko, Chief Financial Officer of SSTL.
SSTL, has completed one year of operations in March 26 with its brand MTS in India and has close to 4 million subscribers in its 11 circles of operation.