Tata Communications has bought the 30 per cent stake in Neotel that previously held by Eskom and Transnet. With this, Tata Communications in association with Tata Africa Holdings became the largest stakeholder with 56 per cent stake.
“This reaffirms Tata Communications commitment to its expansion and investment plans in the emerging regions of Asia, Africa and the Middle East. We will support Neotel’s efforts to provide global quality telecom services in South Africa,” said N Srinath, managing director and CEO, Tata Communications.
The company first announced its plans to acquire the additional 30% stake in June 2008.
Neotel and telecommunications provider MTN South Africa last week announced that it would collaborate on the installation of a 5,000-km fibre-optics cable, at a cost between R1.7-billion and R2-billion, to service the country's major cities.
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