Neotel has announced 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.
Ajay Pandey, MD and CEO of Neotel said,
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. 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.
Great going for Tata group, finally.