Shyam telelink

Shyam Telelink is an indian telecom service provider. Shyam holds the Unified Service Access License for the Rajasthan circle and operates Basic Telephony, mobile telephony (CDMA) and broadband services in the province. Shyam Telelink is the end-to-end service provider in Rajasthan with more than 269,000 subscribers as on August 2008 and a strong brand - Rainbow.

Acquisition by Sistema

The largest public diversified corporation in Russia and the CIS - Sistema acquired a 10% stake in Shyam Telelink for a total cash consideration of US$ 11.4 million at the end of September 2007. In October 2007, Sistema signed a share purchase agreement for the acquisition of an additional 41% stake in Shyam Telelink and a call option agreement, which gives Sistema the right to increase its stake in Shyam Telelink from 51% up to a maximum of 74%. Later in December 2007, Sistema received an approval for the acquisition of the blocking stake in Shyam Telelink from the Foreign Investment Promotion Board (FIPB) of India. As a result of the acquisition of the additional 41% stake, the overall purchase price totaled US$ 58.1 million.

Pan-India rollout

Shyam Telecom along with their partner Sistema had applied for UASL license in 21 telecom circles of India. In August 2008, they became the first new mobile operator to get a pan-India start-up spectrum to start their mobile service operations in the country.They would be providing mobile services based on CDMA technology.

References

1. Official Site: [http://www.hellorainbow.com/]
2. Sistema Group: [http://www.sistema.com/]