Free Press Journal

MTS merges with RCom


Mumbai/Moscow : Reliance Communications (RCOM) on Tuesday said it has completed merger with Sistema Shyam Teleservices (SSTL) telecom business in India, which runs under the brand name MTS. “The Board of Directors of Reliance Communications, at its meeting held in Mumbai, took on record the demerger of Sistema Shyam Teleservices Ltd’s telecom business in India, run under the brand name MTS, with the company,” a RCom statement said.

   “The Board also approved the issuance of shares to the tune of 10 per cent of the equity shareholding of Reliance Communications, to SSTL, as part of the agreement between the two companies,” the statement said. Under the terms of the agreement, RCOM will acquire  business of SSTL including its licenses.