SSTL and Reliance Communications to merge

Sistema JSFC and the CIS have announced the signing of binding documents regarding the merger of Sistema’s Indian telecommunications business with business of Reliance Communications.

The signed documentation provides for the demerger of the telecommunication business from Sistema Shyam TeleServices Ltd (SSTL) and its merger with the telecommunications business of Reliance Communications Ltd (RCom) based on a Merger Scheme to be approved by Indian courts. As a result of the merger, SSTL will acquire and hold a 10% equity stake in RCom besides SSTL planning to pay off existing debt prior to the completion of the transaction.

Following the completion of the transaction, RCom will take responsibility for payment of SSTL’s frequency spectrum licensing fees payable by installments to the Department of Telecommunications of India. An appropriate earn-out mechanism has also been agreed in relation to disputed spectrum contiguity charges claimed by the Department of Telecommunication of India...Read more

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