NEW DELHI: Owner Reliance Communications BSE -1.09 % is holding talks on a possible take over of Sistema Shyam Teleservices (SSTL) in an all-stock deal. That could give the Russian-owned telco's share holders a stake of less than 10 per cent in the merged entity to start with.
"Due diligence is currently on, and there is an effort to tie up details in the next two to three months," a person directly involved in the talks said.
However, Vladimir Yevtushenkov, the Russian billionaire owner of conglomerate Sistema, recently said that the company had held talks with other telecom operators in India, including Reliance Communications, for business expansion but nothing concrete had emerged.
Sistema JSFC holds nearly 57 per cent in Sistema Shyam, which offers telecom services under the MTS brand using CDMA technology in nine of India's 22 service areas to nearly nine millio ..
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The Sensex gained 21 points to end at 27,849 and the Nifty closed flat at 8,433 levels.
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