SSTL gets Rs 1,000-cr loan from ICICI, Barclays Bank
Sistema Shyam TeleServices Ltd (SSTL), which offers telecom services under the MTS brand name, today received a loan totalling $200 million (nearly Rs 1,000 crore) from two banks, which will be used to further scale up its operations. The company has raised $100 million (Rs 500 crore) from ICICI Bank and another $100 million (Rs 500 crore) from Barclays Bank, SSTL said in a statement.
"We plan to utilise the raised money to further scale up our telecom operations in the country," SSTL Chief Financial Officer Sergey Savchenko said. This loan has been proportionally secured by
's Gazprombank through a standby letter of credit and bank guarantee. The entire $200 million loan has been received by SSTL in a single tranche, which is payable within three years, by 2014.Last year, the Russian government made a $600 million capital infusion to pick up a stake in the company. SSTL is a joint venture in which Russia-based Sistema holds a 56.68% stake, while the Russia Russian Federation holds 17.14%, Shyam Group of another 23.98% and the remaining 2.2% is held by the public. India