Russia's Sistema says to buy 17.14% of its subsidiary in India

Russian industrial conglomerate Sistema said on Monday that it would acquire a 17.14 percent stake in Sistema Shyam TeleServices Limited, Sistema's subsidiary in India, from Russian Agency for State Property Management.

Under the agreement, the payment for the shares will be made to the Russian budget in instalments over a period of five years, Sistema said. It did not disclose the price.

Russia acquired this stake in 2011 and simultaneously concluded an option agreement with Sistema to sell these shares back to the Company in five years for the higher of USD 777 million or the market value determined by an independent valuator.