SSTL Obtains Rs 1300 Crore Loan From SBI
Sistema Shyam TeleServices Ltd has been sanctioned a loan of Rs 1300 Crore by State Bank of India.
JFSC Sistema has been appointed the corporate guarantor. Sistema holds majority 74 percent equity in SSTL which operates MTS brand of telecom service in India. State Bank of India has already conferred Rs 4500 Cr fund and non fund based limit to SSTL.
MTS has plans to use the loan for Pan India expansion, capital as well as well as operating expenses along with introducing cutting edge technology for its customers in India.
“This loan from State Bank of India illustrates the trust garnered by MTS in the financial community, through its robust business plan and facilitates in executing our expansion plans on time. The amount will be utilized to fund our expansion plans and to introduce new products and services in the most competitive telecom market of India”, said Ilya Kosolapov, Corporate Finance and Treasury Director, SSTL.
MTS continues to expand its presence across India by offering quality voice and data services at the most competitive and affordable price. Currently, MTS services are available across 12 telecom circles and have 6 million subscriber base along with over a hundred and fifty thousand data customers. Being a front-runner in introducing world-class, cutting-edge technologies in India to enhance the customer’s experience, MTS has recently been conferred with ‘Fastest Growing Data Operator Award’ by CMAI at the National Telecom Awards 2010.
Posts
