Russia's Gazprombank says to raise $200 mln loan for Sistema's Indian subsidiary

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Russian Gazprombank and Sistema Shyam Teleservices Ltd. (SSTL), an Indian subsidiary of AFK Sistema, an oil to services conglomerate, signed a mandate letter to organize a $200 million syndicated loan, the bank said on Monday.

Russian Gazprombank and Sistema Shyam Teleservices Ltd. (SSTL), an Indian subsidiary of AFK Sistema, an oil to services conglomerate, signed a mandate letter to organize a $200 million syndicated loan, the bank said on Monday.

"The loan is meant to fund the investment program and will be secured by a letter of credit," it said in a statement.

SSTL General Director Vsevolod Rozanov told RIA Novosti that SSTL, which has been developing a CDMA mobile network since 2008, planned a total 2010 investment of $2.2 billion.

NEW DELHI, December 20 (RIA Novosti)

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