VSNL gets major stake in SA telco

VSNL gets major stake in SA telco

By agencies   |   Thursday, 24 February 2005, 08:00 Hrs
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MUMBAI: TataÂ’s owned telecom major VSNL has been awarded a major stake in South African telecom operator SNO. VSNL has been given a 26 per cent share in the new company that will compete alongside the former state company Telkom.

South Africa's Telecommunications Minister Ivy Matsepe-Casaburi made the announcement in Durban.

Tatas will control SNO with Nexus, which has a 19 per cent share and state companies like Eskom and Transnet, which have 15 per cent stake each, she said.

The Tata Group, which already has motor vehicle and other business interests in South Africa, was granted the share after a "long drawn-out bidding process", she added.

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