Russia- based, largest public diversified corporation, Sistema, has revealed that the conglomerate is proposing to pump over US$ 1.5 billion in India in the coming fiscal with the aim to set up a pan-India telecom network on the code division multiple access (CDMA) platform.

Further, the Russian major, who owns a majority stake in Shyam Telelink, arm of Shyam Telecom announced the launch of CDMA services under the brand name Rainbow in Rajasthan.

According to the sources, the conglomerate has already invested US$1 billion in Shyam Telelink and will further introduce US$ 1.5 billion in the company next fiscal.

While commenting on plans, Mr. Vladimir Evtushenkov, Sistema’s chairman said, “We have applied for GSM spectrum. We will take a call on GSM soon. In Russia, we offer mobile services under the MTS brand, and we will decide over the next one month whether to bring this brand to India.” 

The company has already announced that it will provide all local calls and SMS for just 50 paise a minute in addition to offer a bundled handset for Rs 999 with lifetime validity.

Stock of Shyam Telecom ended fine at Rs 84, up 9.73 % on National Stock Exchange. The total volume of shares traded was 31, 161 at the NSE.