Tanzania’s government has agreed to buy back 35 % of Tanzania Telecommunications Company Limited (TTCL) from Indian operator Bharti Airtel for USD 7.07 million.
According to the Deputy Minister for Communication, Science and Technology Mr. January Makamba’s recent statement to local media “ As the Tanzanian government has decided to regain 100 % ownership TTCL the legal procedures are being finalised for the government to buy back Airtel’s shares”.
Bharti Airtel will still continue to hold nearly 70 % stake it has in the Tanzanian operator’s mobile phone business.
The Tanzanian government also owns a 40 % stake in Bharti Airtel’s Tanzanian subsidiary Airtel Tanzania.
TTCL is the oldest and largest fixed line telecommunications company in Tanzania.
TTCL was wholly owned by the Government of Tanzania until the partial privatization of the company in 2001.
Bharti Airtel had acquired stake in TTCL as part of a USD 10.7 billion pan-Africa deal in 2010.