Tata Communications, currently a shareholder in the first converged communications network operator in South Africa, has acquired the 30% stake previously held by Eskom and Transnet.
This has resulted in Tata Communications in association with Tata Africa Holdings becoming a controlling shareholder in Neotel.
N Srinath, MD & CEO of Tata Communications, stated, "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 Neotels efforts to provide global quality telecom services in South Africa."
Ajay Pandey, MD and CEO of Neotel, added, "With the current economic climate in South Africa, it is very encouraging to us that a global telecommunications giant continues to invest in South Africa and Neotel in particular."
He further added, "I firmly believe that such transactions reinforce international investors confidence in the country and more specifically in the South African telecommunications market. Neotels entry into the market and recent success is a clear indication of the growth potential in the industry. This transaction further allows Neotel to leverage on Tata Communications proven and vast global network of tried and tested technologies in countries such as India with similar telecoms landscape to South Africa."
|
