Reliance Communications (RCom) has completed the Sistema Shyam Teleservices (SSTL) merger transaction, having received approvals from all relevant Indian regulators and courts. The board of directors of RCom took on record the demerger of Sistema Shyam Teleservices’s telecom business in India, run under the brand name MTS, with the company. The board has also approved issuing 10% equity in the company to SSTL, as part of the agreement between the two.
As part of the deal, RCom will acquire the entire telecom business of SSTL including its licences which bring along 30 MHz of spectrum in 800 and 850 MHz band, considered premium frequencies for providing 4G services.
Reliance Communications is India's foremost and truly integrated telecommunications service provider.
