Russian consumer services company Sistema has bought a 10% stake in Indian telecoms operator, Shy-am Telelink. The deal is worth $US 11.4m.
Sistema, which owns Russia’s top mobile phone company, MTS, will be looking to raise its share in the Indian firm to 51%. The acquisition makes Sistema the first Russian company to tap into India’s fixed-line and mobile phone market. With its cheap call rates, India is the world’s fastest-growing mobile market, attracting around 6 millions new users per month.