MOSCOW, Jun 15 (PRIME) -- Russian multi-industry holding Sistema has initiated negotiations on a merger of its Indian telecom unit, Sistema Shyam TeleServices (SSTL), with local Reliance Communications (RCOM) via a share swap, Sistema said Monday in a statement.
As of the moment, all agreements are voluntary and non-binding until conducting financial and legal checks and signing final documents.
Sistema owns 56.68% in SSTL, while Russia’s Federal State Property Management Agency holds 17.14%. The remaining shares are split between Indian minority shareholders.
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