Tata agrees to up Neotel stake to 56%

25 Jun 2008

In a submission to the Bombay Stock Exchange, Indian telecoms group Tata Communications said it had entered into an agreement to raise its 26% stake in South Africa’s second national operator Neotel to 56% by purchasing two 15% stakes from local state-owned companies Eskom and Transnet. The expected value of the deal was not disclosed. Yesterday’s announcement is subject to certain conditions that could take up to 180 days to be fulfilled.