SBI sanctions Rs1,300 crore to SSTL
Moneylife Digital Team 12 August 2010

Telecom operator Sistema Shyam TeleServices Ltd (SSTL) said state-run lender State Bank of India has sanctioned it a loan of Rs1,300 crore and its parent Russia-based JFSC Sistema is the corporate guarantor for the same.

SSTL said it plans to use the loan to fund expansion plans of its brand MTS and to introduce new products and services in India.

JFSC Sistema holds 74% stake in SSTL, which operates MTS brand of telecom service in India. SBI has already approved Rs4,500 crore fund and non fund based limit to SSTL.

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