RCOM gets Bombay HC approval for MTS India acquisition

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Mumbai, Oct 7 (IANS) Reliance Communications on Friday said it has got the Bombay High Court’s approval for its acquisition of Russian conglomerate Sistema’s Indian telecom unit, Sistema Shyam Teleservices Ltd (SSTL), that operates under the MTS brand.

“We refer to our letter dated September 30, 2016 and wish to inform you that Hon’ble High Court of Judicature at Bombay has today sanctioned the Scheme of Arrangement between the company and Sistema Shyam Teleservices Limited and their respective shareholders and creditors (Scheme) pursuant to the petition filed by the company,” the company said in a filing with the BSE.

“The Hon’ble Rajasthan High Court has already sanctioned the Scheme on September 30, 2016 pursuant to the petition filed by SSTL,” it added.

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Reliance Communications in November announced acquisition of SSTL in an all-stock deal, valued at around Rs 4,500 crore.



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