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Tata Communications’ divestment of South African arm Neotel to Vodacom has received approval from SA’s communications regulator. Vodacom in May 2014 had offered to buy Neotel for an EV of about ₹3,500 crore. The deal still requires South African competition panel's nod. Analysts put the deal’s equity valuation at ₹27 a share for Tata Comm, and gross debt reduction of ₹2,593 crore. Analysts will be watching the developments.
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