The Department of Telecom (DoT), has no objection to the Russian government picking up 20 per cent stake in telecom service provider Sistema-Shyam for a little over US$676 million.
“Sistema-Shyam Telecom Ltd (SSTL), is permitted to bring in foreign equity by issue of fresh shares as per the Lock-In principles of the DoT,” the department said, responding to a Foreign Investment Promotion Board (FIPB) querry where the proposal has been pending for sometime now.
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