Tata Communications is planning to sell its fixed line telephone business -- Neotel -- in South Africa to Vodacom. The deal could fetch around $450-500 million.
The two companies had started negotiations in September after Tata Communications took a decision to exit the market last year as part of its strategy to focus on core area of providing international telephony services.
Tata Communications had acquired 68 per cent stake in Neotel in 2009 after the South African government deregulated the telecoms market. Nexus Connection and Communitel are other investors in Neotel.
Tata Communications is a leading global provider of a new world of communications. With a leadership position in emerging markets, Tata Communications leverages its advanced solutions capabilities and domain expertise across its global and pan-India network to deliver managed solutions to multi-national enterprises, service providers and Indian consumers.
The two companies had started negotiations in September after Tata Communications took a decision to exit the market last year as part of its strategy to focus on core area of providing international telephony services.
Tata Communications had acquired 68 per cent stake in Neotel in 2009 after the South African government deregulated the telecoms market. Nexus Connection and Communitel are other investors in Neotel.
Tata Communications is a leading global provider of a new world of communications. With a leadership position in emerging markets, Tata Communications leverages its advanced solutions capabilities and domain expertise across its global and pan-India network to deliver managed solutions to multi-national enterprises, service providers and Indian consumers.
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