The document was signed at Yota's head office in Moscow. Prime Minister Vladimir Putin attended the signing ceremony.
"A positive decision has been made, which will facilitate development, because the more affordable a service is, the more opportunities the end consumers will have," Putin said at the meeting.
"I very much hope that the idea will materialize," the prime minister emphasized.
According to Minister of Telecom and Mass Communications Igor Shchyogolev, each of the five companies will have a 20-percent stake in the new JV.
"Each will decrease its expenditure on building networks by several times, and thus will be able to invest more for their expansion, and, ultimately, they will carry lower operation costs. This is the basic idea," Shchyogolev underlined.
"They will be competing for not who will the first to build infrastructure, but who will offer a better service," he added.
Yota director general Denis Sverdlov said the agreement has two provisions: the first provides for the largest mobile network operators using the 4G network as early as now, while the second gives them the opportunity to purchase stakes in Yota at market prices.
According to Sverdlov's estimates, the investments in the building of 4G networks are estimated at 2 billion dollars.
The company will be granted a 2-billion-dolalr loan before 2014.
He also noted that in 2014, Yota will have five shareholders.
Rostekhonologii chief Sergei Chemezov said the state corporation plans to produce 4G networks equipment in the future.
"The appearance of this network in small towns will help provide services to its residents on short notice, and any technologies can be used at school and libraries," Shchyogolev explained, stressing that quality and affordable Internet connections will be available in various places.
The Yota director general promised to restore the earlier quality of communication in Moscow later this year.
"There are 1,400 base stations in Moscow, including 600 stations on standby; but we need to obtain permits. Hopefully, we'll get them in 2011," Sverdlov said.
The company had to change the system of tariffs in favor of long-term contracts with clients, he noted.
Taking part in the Thursday meeting were Minister of Telecom and Mass Communications Igor Shchyogolev, Alfa Bank president Pyotr Aven; chairman of Yota Holding board, chairman of AFK Sistema board Vladimir Yevtushenkov; Rostelecom president Alexander Provotorov; director general of Megafon Sergei Soldatenkov and director general of Skartel (Yota) Denis Sverdlov, aged 33.
Yota is one of the world's largest and Russia’s first 4G wireless internet operator, with data transfer speed up to 10 megabit/second, and stable connection even in motion of up to 120 kilometers per hour within the zone of coverage.
Telconet Capital currently has a 75-percent stake in Yota, while Rostekhnologii has 25 percent of shares.
Yota operates networks in Russia and Nicaragua. In Russia, the network is active in Moscow, Moscow Region, St. Petersburg, Leningrad Region, Krasnodar, Sochi and Ufa.
In 2009, the company reported a 1.77 billion roubles profit (59 million dollars). In the first quarter of 2010, it earned 26 million dollars.
Rostekhnologii director Sergei Chemezov said investments to develop Yota networks exceeded 15 billion roubles as of November 2010.
There are several methods to connect to Yota: through USB-modem, ExpressCard-modem, and WiMax built-in wireless link in the computer, netbook or communicators. Users can also connect through a router.
The company's logo is a person turned upside down, called "nuf" (from the word "fun" read backwards). "Nuf is a symbol of our love for everything which is new and unusual," company personnel said.
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