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Sistema India Phone Unit Gets $200M Loan

Sistema Shyam TeleServices, which provides telecom services under the MTS, has raised a bank loan of $200 million.

Sistema Shyam TeleServices (SSTL), which provides telecom services under the MTS, has raised a bank loan of $200 million, The Wall Street Journal reports. Gazprombank partly backed the three-year loan through a letter of credit and bank guarantee.

The loan will be used to scale up its operations. ICICI Bank and Barclays Bank provided $100 million each to SSTL, adds Reuters. Sistema Shyam is a joint venture between Russia’s Sistema JSFC and Shyam Group of India.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Reuters.

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