ET INTELLIGENCE GROUP: The sale of South African business will help Tata Communications quicken the process of paring its debt. On Tuesday, the data services and IT infrastructure provider announced that it has entered into an agreement with Liquid Telecom, a pan-African telecom group to sell its entire 67% stake in the South African subsidiary Neotel. The deal will have to go through regulatory approvals.
The transaction is valued at an enterprise value (EV) of around $430 million (about Rs 2,900 crore). Earlier in the fiscal, the company also monetised its two data centres for Rs 3,800 crore. This means it will see a cash flow of Rs 6,700 crore less the transaction fee and taxes, if any, from asset sale in FY17. Most of it will be us…
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