India's Tata Communications has bought the 30 percent stake in South African fixed-line operator Neotel previously held by local investors Eskom and Transnet. This makes Tata the controlling shareholder in Neotel. Tata Communications CEO N Srinath said the acquisition reaffirms Tata Communications commitment to its expansion and investment plans in the emerging regions of Asia, Africa and the Middle East. Neotel CEO Ajay Pandey said it is very encouraging that a global telecommunications giant continues to invest in South Africa and Neotel in particular with the current economic climate in South Africa. No financial details of the takeover were released.
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