SSTL operates under the MTS brand.
It is learnt that RCOM has paid Rs 390 crore bank guarantee to DoT, plus Rs 10 crore spectrum payment.
According to sources, the merger deal was valued at around Rs 5,000 crore.
With this merger, RCOM is set to gain extended validity of spectrum in eight circles. The SSTL circles include Delhi, Gujarat, Kolkata, Karnataka, Tamil Nadu and Kerala, valid till FY 2033.
When contacted, RCOM declined to comment.
The SSTL currently has revenue of Rs 1,000 crore with 5 million customers.
RCOM on Oct 7, 2016 said it has got the Bombay High Court's approval for its acquisition of SSTL.
"We refer to our letter dated September 30, 2016 and wish to inform you that Hon'ble High Court of Judicature at Bombay has today sanctioned the Scheme of Arrangement between the company and Sistema Shyam Teleservices Limited and their respective shareholders and creditors (Scheme) pursuant to the petition filed by the company," the company said in a filing with the BSE earlier.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.