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RCom gets Bombay HC approval for Sistema acquisition

 PTI |  2016-10-08 22:30:00.0  |  New Delhi

Reliance Communications on Friday said Bombay High Court has approved its deal to acquire Russian conglomerate Sistema’s Indian telecom unit, Sistema Shyam Teleservices, that operates under the MTS brand.

“Hon’ble High Court of Judicature at Bombay has today sanctioned the Scheme of Arrangement between the company and Sistema Shyam Teleservices Ltd (SSTL) and their respective shareholders and creditors (Scheme) pursuant to the petition filed by the company,” RCom said in a filing to the BSE.

It added that the Rajasthan High Court has already sanctioned the scheme on September 30, 2016.

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