Sistema Shyam may issue IPO this year

High-speed mobile broadband services provider Sistema Shyam Teleservices Ltd (SSTL) on Wednesday said they may come out with an IPO this year to raise funds in order to expand its services in the country.

SSTL has so far invested over $2.2 billion (around Rs 9,900 crore) in India, and it is set to invest Rs 30 crore for the roll-out of Data service across Andhra Pradesh, SSTL Chief Sales Officer Atul Joshi said, after launching the high-speed mobile broadband service -MBlaze- in Andhra Pradesh.

SSTL, in a joint venture between Sistema of Russia and Shyam Group India, offers its telecom services under the MTS brand, he said.

To a question, he denied having received any notice from any authority or Trai cancelling 2G Spectrum Licence granted to SSTL.