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Tata to look for new buyer for Neotel unit after failed Vodacom deal

India`s Tata Communications Ltd is looking for another buyer for its South African fixed-line subsidiary Neotel after a deal with Vodacom Group Ltd fell through, Chief Executive Vinod Kumar said on Wednesday.


Tata to look for new buyer for Neotel unit after failed Vodacom deal

Mumbai:India`s Tata Communications Ltd is looking for another buyer for its South African fixed-line subsidiary Neotel after a deal with Vodacom Group Ltd fell through, Chief Executive Vinod Kumar said on Wednesday.

"We have been in discussions with Vodacom so there is no other potential buyer we are engaged with ... however, people in the market have expressed interest and now the time has come for us to explore those options," Kumar told Reuters.

On Tuesday, Vodacom, a unit of Vodafone, dropped a planned acquisition of local fixed line operator Neotel, citing regulatory complexities.

Tata Communications also expects to sell a stake in its data centre unit in the next few months, Kumar added.

 

From Zee News

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