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It is the responsibility of the Indian Government to ensure that $3.1 billion invested by Sistema in its Indian project is returned, the Russian Ambassador to India, Mr Alexander M. Kadakin, has said.
“We will not allow $3.1 billion of our people's money to be just thrown out,” the Envoy said. He pointed out that Sistema brought the frequency when no company in India wanted to get it. The Envoy said they were “very diligent and faithful buyers” of the frequency.
“Everything was done according to the existing regulation. We shall wait and see what steps are being taken,” the Envoy said.
In February, the Supreme Court cancelled 122 telecom licences, including 21 licences held by Sistema-Shyam. Sistema owns 56.68 per cent stake in the Indian mobile venture.
The Envoy added that Russia wants to continue to work in the Indian IT and telecommunication sectors India.
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