www.WirelessFederation.com/news: Sistema Shyam Teleservices Ltd, the new entrant in the Indian mobile market, has reported inked a $70 million loan agreement with Bank of China Limited (under security of China Export & Credit Insurance Corporation Sinosure) as it makes investments in network expansion across India.
The loan will be used to source supplies from ZTE which has been selected by the operators to build its CDMA network. The loan will be for a period of eight years with three years of moratorium on principle repayment.
Speaking about the deal, Mr. Sergey Savchenko, CFO of Sistema Shyam TeleServices said, ”The deal with Bank of China is one of the many steps that we are taking to add impetus to our plan of establishing the MTS brand in India and differentiate positioning on parameters of robust infrastructure and quality network. This is the first facility arranged with an International bank and I believe that it offers a way for other large and beneficial agreements in the future.”