Reliance Communications to buy Sistema's India wireless business
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MUMBAI: Reliance Communications on Monday announced plans to acquire Sistema Shyam's wireless service business for a 10% equity in the combined firm to Russia's Sistema.
The company which runs the only all-CDMA technology based network under the brand MTS will come without any debt, as its promoters will repay all loans prior to the merger, a joint statement said.
Reliance Communications will undertake Rs 392 crore of annual spectrum payment for the next 10 years that are due from Sistema for the 3.75 MHz of airwaves it holds in nine circles.
While Sistema will not get any board seat of veto rights, for the moment its management continue to run its operations, as per the agreement.
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