Shyam Telecom Ltd

Shyam Telecom Ltd has informed that Shyam Basic Infrastructure Projects Pvt. Ltd., and Shyam Telelink Ltd., are other Group Companies. Shyam Basic Infrastructure Projects Pvt Ltd.(SBIPL), one of the promoters of Shyam Telelink Ltd, presently an unlisted Company, on September 25, 2007 has concluded a 10% sale of equity of Shyam Telelink Ltd in In-Principle for cash consideration of USD 11.4 million (approx Rs 45 crore). Shyam Telelink has an equity base of Rs 455.95 crore. Shyam Telelink, a Unified Access Telecom Service Provider in Rajasthan, has also applied for Unified Access Service Licenses (UASL) for providing telecom services throughout the country.

Sistema will also acquire 51% equity stake in Shyam Telelink subject to FIPB approval and it has a right to increase its equity stake up to 74% in the company. Shyam Telelink, which was earlier a subsidiary of the Company, upon restructuring approved by the court, is directly held by SBIPL and other Shyam group companies and public. Further final documentation, terms and conditions would be finalized over the next 10 days.