Reliance Communications (RCom) has reportedly received an observation letter (approval to proceed) from the stock exchanges -- BSE and National Stock Exchange of India -- for its proposed takeover of Sistema JSFC’s India telecommunications business. Sistema JSFC’s is a publicly-traded diversified holding company in Russia and the CIS.
Earlier on November 2, 2015, the company had entered into an agreement to take over Sistema Shyam TeleServices (SSTL), which provides telecom services under the brand name, MTS.
Reliance Communications is India’s foremost and truly integrated telecommunications service provider. The company, with a customer base of about 150 million, including over 2.5 million individual overseas retail customers, ranks among the Top 4 Telecom companies in the world by number of customers in a single country.
