Sistema With Shyam Group Will Work For Real Estate

Russian conglomerate Sistema, on Tuesday declared that it plans to invest $100-200 million in developing hotels, offices and residential complexes in major cities of India. The revelation came after the company’s decision to invest $5 billion in the country’s telecom sector earlier in the year.

Sistema has confirmed an coalition with India Shyam Group, which has divested 51 percent stake in its telecom venture in favor of Sistema. The Sistema-Shyam joint venture will be developing a 22-acre property in Gurgaon, on the periphery of Delhi. The venture is Sistema’s first undertaking in the construction and real estate market outside Russia and Ukraine.

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  1. Posted April 15, 2008 at 6:01 am | Permalink

    In a major development, the government on Thursday started allocating spectrum to new telecom players, with Shyam-Sistema becoming the first to receive start up radio frequency for starting CDMA services in various parts of the country.

    Shyam-Sistema, a joint venture India’s Shyam Telelinks and Russia’s Sistema, has been given 2.5 MHz (equivalent of 4.4 MHz of GSM) in the seven states of North-East, Jammu and Kashmir and Assam, official sources told media.

    Commenting on the development, Rajiv Mehrotra, Chairman of Shyam Group said, “We are delighted that the government has opened up the way for new telecom players to operate telecom services as soon as possible and this is a major step towards offering cost-effective mobile services.”
    Russian conglomerate has already announced up to five billion dollar (Rs 20,000 crore) investment in the Indian telecom sector. Shyam-Sistema, which currently offers mobile service in Rajasthan, has got licenses for rest of the circles.

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