Leading Russian telecom services giant Sistema group has acquired a majority stake in Shyam Telelink, an unlisted telecom services provider in Rajasthan. The latter has also applied for telecom licenses nation-wide on Tuesday, informed sources told Business Standard.The deal valuation is not available as yet, but sources suggested that the deal puts a good value to Shyam Telelink's subscriber base in the northern state of Rajasthan.Telelink runs a state-wide fixed line and wireless terminal access network using CDMA technology and has 257,108 subscribers as of August-end this year. The company had some time back been demerged from the parent Shyam Telecom group, which had nearly four years back sold its GSM based operation 'Oasis' in Rajasthan to Bharti Airtel.Company officials did not return calls for comment. The news seems to have led to a surge in Shyam Telecom's shares on the Bombay Stock Exchange, with the scrip rising 16% and hitting the circuit breakers during the day.A formal announcement is imminent, sources added. Sistema can acquire up to 74% in the company under existing rules.
