Russian-controlled Indian operator Sistema Shyam TeleServices (SSTL) is open to the idea of M&A with other operators in the country, according to the firm’s CEO.
SSTL’s Indian unit, MTS India, had all but one of its 22 regional Indian licences cancelled by the country’s Supreme Court in February and decided not to buyback the airwaves in fresh auctions that concluded last week.
According to India’s Economic Times newspaper, SSTL CEO Vsevolod Rozanov said there was "nothing serious to report” on current M&A discussions, noting that he does not expect any deals until the Supreme Court decides on the company's appeal on the order to revoke the permits.
Reports recently have linked Sistema with Aircel, India’s seventh-largest operator.
SSTL today reported a net loss of INR494 crore (US$112 million) for Q3, an improvement on the of INR1,000 crore loss a year ago. Consolidated revenue rose 23 percent to INR404 crore.
“The telecom industry continues to suffer due to regulatory actions. Subscriber growth during the quarter also suffered on account of uncertainties in the operating environment and due to the predatory practices adopted by competition,” Rozanov said.