Sistema, the largest diversified public corporation in Russia and the CIS, which manages fast growing companies operating in the telecommunications, consumer services sectors and technology industries, announced that Shyam Telelink Ltd., a subsidiary of Sistema, was renamed Sistema Shyam TeleServices Ltd. (Sistema Shyam TeleServicesâ€ or Shyamâ€), following the decision made at the EGM of Shareholders of Shyam.
Vsevolod Rozanov, President and Chief Executive Officer of Sistema Shyam TeleServices, commented: Renaming of Shyam Telelink is a logical step in the development of our Indian operator. As previously announced, Shyam will be offering its services under the MTS brand from February 2009. Furthermore, Sitronics has supplied radio relay equipment to Shyam in the state of Rajasthan. These efforts clearly position Sistema Shyam TeleServices as an integral part of the Sistema Group, which is now reflected in its name.â€
Vitaly Savelyev, First Vice President of Sistema, Head of Telecommunications Assetsâ€ operating unit, Chairman of Sistema Shyam TeleServices, commented: We intend to further develop Sistema Shyam TeleServices and to launch its mobile network in two additional Indian circles in the near future.â€
Shyam opened its new head office with a staff of 120 in Gurgaon, a satellite city near Delhi. Sistema Shyam TeleServices now has spectrum in 22 Indian circles, covering 28 administrative states and 7 union territories with a population of approximately 1.1 billion people. Sistema Shyam TeleServices launched a CDMA 800 MHz mobile network in the state of Rajasthan at the end of September 2008. The Sistema Shyam TeleServices’ subscriber base has exceeded 500,000 users, including nearly 300,000 mobile subscribers, as at January 26, 2009.
Sistema is the largest public diversified corporation in Russia and the CIS, which manages fast growing companies operating in the telecommunications, consumer services sectors and technology industries and has over 100 million customers. Sistema develops and manages market-leading businesses in selected industries, including telecommunications, technology, banking, real estate, retail, media, tourism and healthcare. Founded in 1993, the company reported revenues of US$ 12.6 billion for the first nine months of 2008 (unaudited), and total assets of US$ 32.0 billion as at September 30, 2008 (unaudited). Sistema’s shares are listed under the symbol SSAâ€ on the London Stock Exchange, under the symbol AFKSâ€ on the Russian Trading System (RTS), under the symbol AFKCâ€ on the Moscow Interbank Currency Exchange (MICEX), and under the symbol SISTâ€ on the Moscow Stock Exchange (MSE).
Sistema Shyam TeleServices Limited (SSTL) was founded in 1998 and started its operations in the state of Rajasthan in 2000. Presently SSTL has more than 500,000 fixed-line and mobile subscribers in the state of Rajasthan and continues to further expand its network and develop its service offering. SSTL obtained a unified pan-Indian license to provide cellular services in March 2008 and now has spectrum in 22 Indian circles. SSTL is a joint venture between Sistema and the Shyam Group of India. Sistema Shyam TeleServices is majority-owned by Sistema (73.7%).
For further information, please visit www.sistema.com