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New Delhi - India's diversified Tata group is picking up a 26% stake in InfraCo, a new South African telecom company, a news report said Tuesday.
The South African firm, InfraCo, will offer long distance telephone services and will build and operate marine telecom infrastructure.
InfraCo will require an investment of about $350m to launch its operations, of which the Indian business conglomerate will invest $60m through its international calls provider Videsh Sanchar Nigam Limited (VSNL), the Economic Times reported quoting sources.
The South African government has decided to provide $225m while the remainder will be funded through debt.
The deal is the Tata group's second telecom venture in South Africa.
Last year, VSNL picked up a 26% stake in SNO telecom which has a licence to provide all telecom services except mobile telephony.
- Sapa-dpa