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MTS India Delays Stock Market Floatation
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Indian mobile network, Sistema Shyam TeleServices (SSTL) - which operates under the Russian MTS brand - has delayed plans for a stock market listing due to the ongoing uncertainty caused by the telecoms license scandal in the country.
"The company wants to go public by listing on the Indian bourses. But in this kind of environment, I would say we would definitely have to see what the outcome would be of the various investigations," SSTL president and chief executive officer (CEO) Vsevolod Rozanov told Business Today.
"One has to see the rules of the game. We have to look at the outcome of these investigations, the rules of the proposed new telecom policy and the spectrum issue. We definitely need to wait until regulatory clearance arrives," he added.
Russia's Sistema, which controls MTS in Russia, owns 56 percent of the Indian company, and rebranded its as MTS a couple of years ago.
The company will mark its 3rd birthday in October and says that it will have invested US$3 billion in its network by the end of this year.
The company has not been directly implicated in the 2008 license scandal, although it has received show-cause notices from the regulator for missing network rollout deadlines.
On the web: Business Today
Tags: [sistema shyam teleservices] [sistema shyam] [India]
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