Russian media reports have been crackling with talk of the resistance being faced by two Russian companies, JFC Sistema and Bycell in their attempts to enter the Indian telecom market.
The FIPB in its meeting on 16th November, 2007, deferred decisions on proposals filed by Bycell Telecommunications India Private Limited to increase its paid up capital and undertake nationwide telecom services under the UASL and Sistema Joint Stock Financial Corp. to increase its shareholding in Shyam Telelink from 10% to 74%.
Observers might be forgiven for seeing this as another angle to the ongoing chill in relations between the governments of Russia and India. Manouveurs from the Russian side include attempts to renegotiate the deal to refurbish and sell the aircraft carrier Admiral Gorshkov and delaying construction of the Talwar-class stealth frigates at the Yantar Shipyard.
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