JOIN USRussian conglomerate Sistema, which has a joint venture with Shyam Group, has said it will not exit the Indian telecom market as it is hopeful of a positive response on its curative petition from the apex court.
Sistema has 56.68 per cent stake in Sistema Shyam Teleservices(SSTL), which offers services under the MTS brand.
The company’s 21 licences awarded in 2008 by then Telecom Minister A Raja have been cancelled by the Supreme Court in February 2 order terming them illegal.
“Absolutely we will continue. We are putting all focus and hopes towards the legal route and we hope the Supreme Court to consider our curative petition,” SSTL President and CEO Vsevolod Rozanov told PTI.
Terming that it has been “unfairly penalised in the February ruling of the Supreme Court”, the company filed a curative petition seeking to restore its licences.