Tata Communication gets approval from GOI and Competition Commission of South Africa to sell Neotel

MUMBAI: Tata Communication has received approval from the Government of India and Competition Commission of South Africa to sell its South African subsidiary Neotel to Liquid Telecom.

Liquid Telecom, majority owned by Econet Wireless Global, entered into an agreement to acquire Neotel in June.

According to reports in June, Tata Communication and minority shareholders led Nexus Connexion sold its stake for $428 million.

Tata Communications had acquired 68.5 per cent controlling stake in Neotel in 2009.