The Hindu Business Line : Tata Comm eyes 30% more in Neotel

Tata Communications or the rechristened VSNL intends to buy a further 30 per cent stake in South Africa’s second largest fixed-line operator Neotel from two South African state-run firms. Further financial details on the deal were not disclosed in a statement sent by the company on Tuesday. Upon the implementation of this agreement, another Tata group company Tata Africa will hold 56 per cent in Neotel. “The agreement is subject to the fulfilment of certain con ditions precedent, some of which have a period of up to 180 days to be fulfilled,” the company statement said. Tata Communications already owns 26 per cent of Neotel. The Tata Comm scrip was down by 3.03 per cent to close at Rs 346.1 on the BSE today.

— Our Bureau

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