Tata to acquire Suntel

Tata Communications (TCL) is set to acquire Sri Lanka’s second-largest land-based telephone company Suntel, India’s Economic Times (ET) newspaper reported on Monday.

TCL (formerly VSNL), which was acquired by the Tatas following the government’s divestment in 2002, has received the approval of the government, which still owns 26% stake in the company, for the proposed acquisition, the report said.

Suntel is currently owned by a joint venture between Swedish telecom giant , Metrocorp, Townsend of Hong Kong, National Development Bank, and International Finance Corporation (IFC), a member of the World Bank Group.

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