Tata Communications close to making two key overseas acquisitions
Tata Communications has signed an equity joint venture (JV) agreement with a Beijing-based value-added services and integrated IT solutions provider, China Enterprise Communications, for acquiring 50 per cent stake in the latter. The agreement, signed by Tata Communications' wholly owned unit Tata Communications International, will enable the JV to provide networking services to multinationals as well as to domestic enterprises in China.
However, no financial details have been disclosed. In another development, Tata Communications has entered into an agreement with South African state-owned enterprises Eskom and Transnet to acquire their 30 per cent stake in South African operator Neotel for an undisclosed amount.
At present, Tata Communications holds 26 per cent stake in Neotel. The other shareholders include Nexus, Communitel and Two Telecom Consortium.
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