SSTL obtains 1300 cr loan from State Bank of India

Sistema Shyam TeleServices Ltd (SSTL) has been sanctioned a loan of '1300 Crore by State Bank of India.

JFSC Sistema has been appointed the corporate guarantor. Sistema holds majority 74 percent equity in SSTL which operates MTS brand of telecom service in India. State Bank of India has already conferred '4500 Cr 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.

“This loan from State Bank of India 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”, said Mr. Ilya Kosolapov, Corporate Finance and Treasury Director, SSTL.

MTS continues to expand its presence across India by offering quality voice and data services at the most competitive and affordable price. Currently, MTS services are available across 12 telecom circles and has  6 million subscriber base along with over a hundred and fifty thousand data customers. 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.

About Sistema Shyam TeleServices Ltd.
Sistema Shyam TeleServices Ltd. (SSTL) is a joint venture between Sistema {LSE: SSA} of Russia and the Shyam Group of India. Sistema is the majority shareholder in this joint venture with a 74% equity stake; the Shyam Group holds a 23.5% stake and the remaining 2.5% is publicly held. SSTL has been allocated spectrum to provide mobile telephony services in all the 22 circles across the country.

MTS is well recognized in India and worldwide for its commitment to high quality and innovative telecom solutions.  MTS has recently been ranked by Millward Brown as 72nd out of the top 100 brands in the world. In a short span of time, MTS has secured 6 million subscribers in the 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.