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.”
www.WirelessFederation.com/news: Sistema Shyam TeleServices Limited (SSTL), a joint venture between Sistema (LSE: SSA) of Russia and Shyam Group of India announced that it has signed a US$70 million facility agreement with Bank of China Limited (under security of China Export & Credit Insurance Corporation Sinosure) to facilitate investments for augmenting the nation-wide wireless infrastructure of its mobile services network in India, under the MTS brand.
The loan is for a period of eight years with three years of moratorium on principle repayment and will be significant in supporting SSTL to expand its geographical reach and seamlessly serve the growing subscriber-base. The company will invest the loan to source supplies from ZTE, a leading provider of telecommunications equipment and network services to build-out the CDMA network.
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.”