The Competition Commission of India (CCI) has approved acquisition of shares of Tata Communications (TCL) by Panatone Finvest. The proposed deal envisages acquisition of shareholding not exceeding 26.12 per cent by Panatone Finvest in Tata Communications. The Government of India looks to divest its 26.12 per cent equity stake in TCL. The Cabinet Committee on Economic Affairs (CCEA) on December 30, 2020 approved sale of stake in TCL.
After the acquisition of shares, Panatone Finvest would increase its shareholding from 48.87 per cent to such shareholding not exceeding 74.99 per cent.
Tata Communications along with its subsidiaries is a leading global provider of A New World of Communications.
