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Tata Comm. acquires 50% stake in Chinese co.

MUMBAI: Tata Communications on Wednesday said it had acquired 50 per cent stake in a Chinese telecom company, China Enterprise Communications, for an undisclosed sum.

“We have signed an equity joint venture agreement with the shareholders of China Enterprise Communications, which will become effective after the necessary approvals from the relevant government and regulatory bodies in China are obtained,” Tata Communications Managing Director and CEO N. Srinath told reporters here.

This is the maiden entry of Tata Communications into China. Earlier this year, the Indian company had announced that it will invest $2 billion in emerging markets.

“Our investment in the Chinese company has been modest compared to our investments in other ventures,” he said.

This acquisition of 50 per cent stake opens a new market, which is the fastest growing in the world, for Tata Communications hitherto closed for it, he said. — PTI

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