Russia warns of global arbitration on Sistema
30 Oct 2012 8:47 AM IST
Russian Ambassodor to India Alexander Kadakin warned on Monday that his country will go for international arbitration if the issue of cancellation of 2G licence involving Russian telecom giant Sistema is not resolved in Indian courts. ‘We are upset about the decision,’ Kadakin said on the sidelines of a cultural event.
Russia had earlier said that the row over Sistema would have ‘great repercussion’ not only on Indo-Russian bilateral cooperation but also for foreign investments to India.
Sistema holds a 56.68 per cent stake in Sistema Shyam Teleservices Ltd, 21 of whose 22 licences were cancelled by the Supreme Court in February on the grounds that the 122 permits issued by the then Telecom Minister A Raja were ‘arbitrary and unconstitutional’. The Russian government holds 17.14 per cent stake in SSTL. Russia had previously asserted it will not let Sistema’s $3.1 billion investment in its Indian telecom venture go waste due to ‘internal problems’ here.
On the Koodankulam issue, Kadakin said the nuclear power plant in Tamil Nadu is the ‘best and safest’ in the world. ‘Our station is the safest and best in the world.
The first unit is complete and the second is about to be completed. Negotiations are on for third and fourth,’ Kadakin said.
Russia had earlier said that the row over Sistema would have ‘great repercussion’ not only on Indo-Russian bilateral cooperation but also for foreign investments to India.
Sistema holds a 56.68 per cent stake in Sistema Shyam Teleservices Ltd, 21 of whose 22 licences were cancelled by the Supreme Court in February on the grounds that the 122 permits issued by the then Telecom Minister A Raja were ‘arbitrary and unconstitutional’. The Russian government holds 17.14 per cent stake in SSTL. Russia had previously asserted it will not let Sistema’s $3.1 billion investment in its Indian telecom venture go waste due to ‘internal problems’ here.
On the Koodankulam issue, Kadakin said the nuclear power plant in Tamil Nadu is the ‘best and safest’ in the world. ‘Our station is the safest and best in the world.
The first unit is complete and the second is about to be completed. Negotiations are on for third and fourth,’ Kadakin said.
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