Sistema, the public financial corporation in Russia has increased its stake in OJSC Navigation Information Systems (''NIS'') from 51 percent to 70 percent.
Sistema paid for the extra shares by contributing its 51 percent stake in M2M Telematics LLC (Ã¢â‚¬Å“M2M TelematicsÃ¢â‚¬Â) to the charter capital of NIS.
With this NIS now holds a controlling stake in M2M Telematics.
''As the GLONASS project has now reached the stage of active
commercialisation, the shareholders of NIS decided to enhance the role of Sistema in managing NIS, a federal GPS network operator,'' said Mikhail Shamolin, president and CEO, Sistema.