Russia's Sistema ups stake in India's Shyam

Russian services conglomerate Sistema bought an additional 21% stake in India's Shyam Telelink, taking its holding in the telecom operator to 72% from 51%, a Reuters report said.

Sistema, majority owned by billionaire Vladimir Yevtushenkov, acquired a 51% stake in Shyam Telelink earlier this year and entered into a call option agreement which gave it the right to increase its stake to a maximum of 74% within approximately 16 months, the Reuters report added.

On May 23 Sistema signed an amendment to the call option agreement which allowed it to speed up the purchase of an additional 21 % stake in the Indian firm for $45 million.