Russia-based Sistema has announced that it will invest over $ 5 billion in Indian telecom sector in the next 3-4 years.

Sistema has finalized a deal with Indian telecom services provider Shyam Telelink, the unlisted telecom services arm of the Shyam Telecom Group, to acquire 74% stake in the company.

Russia has also assured Indian oil firm ONGC that it will become its helping hand for acquiring stake in its giant Sakhalin-3 project.

Sakhalin-3, Russia’s leading oil and gas offshore fields, contain estimated 800 million metric tonnes of oil and 900 billion cu m of natural gas.

Commenting on the plans, Mr. Murli Deroa, Petroleum Minister of India said, “Sistema considers India as a very promising and reliable trade and economic partner and this year they opened its liaison office in New Delhi.”

“This opens up new horizons for criss-cross investment between companies of the two countries,” Deora further added.

ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation, has already acqire 20 per cent stake in Sakhalin-1 oil and gas fields.      

Sistema is the largest diversified consumer services corporation in Russia.