AFK Sistema's Indian subsidiary to break even on OIBDA in 2014-15
MOSCOW. April 9 (Interfax) - AFK Sistema expects its subsidiary in India, SSTL, to reach the break-even point on its operating income before depreciation and amortization (OIBDA) in all nine regions of its presence at the end of 2014 or beginning of 2015, according to the corporation's materials.
One of the states in which SSTL works, West Bengal, reached the break-even point in Q4 2012.
SSTL was previously planning to break even by 2014.
SSTL's debt burden will be reduced from $1.574 billion in 2011 to $1.047 billion in 2012, then $700 million this year.
AFK Sistema owns 56.68% of SSTL, while Russia's Federal Property Agency (Rosimushchestvo) holds 17.14%, and 23.98% belongs to India's Shyam Group. The Russian government bought into SSTL's capital in 2010 by investing around $600 million in the company.
