Tata acquires more stake in South Africa’s Neotel

June 24th, 2008 - 11:31 pm ICT by IANS  

Mumbai, June 24 (IANS) Telecom major Tata Communications has acquired 30 percent more stake in South Africa’s No. 2 telecommunication operator Neotel from two South African state-run firms, Eskom and Transnet. Tata previously had 26 percent investment in the fixed line service provider. Neotel was launched in 2006.

The Tata group refused to divulge the financial detail of the acquisition, but according to the release issued by the company, Tata Communications along with Tata Africa would have 56 percent control over Neotel.

Tata Africa is an investment arm for Tata group in South Africa and has operations in eight African countries.

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