R-Com gets stock exchanges’ approval to buy SSTL

Reliance Communications Ltd (R-Com) on Thursday said it has received stock exchange approval to proceed with the acquisition of Sistema Shyam Teleservices Ltd (SSTL), the local unit of Russia’s Sistema JSFC.

The Anil Ambani-controlled company, India’s fourth largest mobile-phone services provider, said in a statement to stock exchanges that the company has received a so-called observation letter from BSE Ltd and National Stock Exchange of India Ltd on the “scheme of arrangement”.

“The company and Sistema Shyam Teleservices Ltd (SSTL) are proceeding to file necessary application with the Bombay High Court and Rajasthan High Court respectively for approval of the Scheme (of Arrangement),” R-Com said in its filing.

On 2 November, R-Com had said it is buying SSTL in a deal valued at Rs.4,500 crore in stock and payments to the government for spectrum allotted to Sistema.

R-Com had signed a definitive agreement with the Russian company to acquire SSTL in a transaction under which the latter will take a 10% stake, worth Rs.2,082 crore in R-Com.

The transaction is expected to be closed in the second quarter of 2016, subject to regulatory approvals.

The transaction potentially marks the start of long-awaited consolidation in the world’s fastest growing Indian telecom industry, in which a dozen mobile services carriers are competing for market share.

Also Read: India’s RCom set to announce stake sale in tower arm Reliance Infratel: Report

India: R-Com buys Sistema; over to Reliance Jio to make it count

This article was first published on Livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.