The Russian conglomerate Sistema has received $600 million from the Russian government for a 17% stake in MTS India. Following the deal’s close, Sistema will hold a 57% share interest in the Indian CDMA mobile operator. The combined 74% ownership is just under the threshold allowed by Indian law.
Sistema said the new funding will be used to expand the company’s CDMA EV-DO network into new markets. MTS India first got licensed for mobile network operations in March 2008. It currently has more than 8 million customers in 13 markets and owns rights in 22 major cities around the country.
Russian govt. invests $600M in Indian network
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