Vodafone is set to expand its foothold in the lucrative telecom market of the African continent through the South African company Vodacom Group Ltd., wherein the UK Group has recently secured 65 percent stake, said Vodacom chief executive officer Pieter Uys.

This forms a part of the company’s aim of leveraging on the potential of the developing markets of Africa.

Referring to the African market, Uys said that the world today does not offer much growth opportunities, and therefore Africa stands out as a lone market which is budding with potential for consolidation.

“Vodafone has committed to use us to enlarge its sub-Saharan business and support us on potential acquisitions,” added Uys.

Recently, Vodafone’s move to raise its stake in Vodacom from 50 percent to 65 percent has been approved.

Meanwhile, South African landline operator, Telkom floated its 35 percent stake onto the local stock market earlier this week.

Vodacom has operations in South Africa, Tanzania, Lesotho, DR Congo and Mozambique. Through its Gateway Communications subsidiary, it offers satellite services in 40 African countries.

Newbury, England-based Vodafone has sought assets in emerging markets, making acquisitions in India, Turkey and Qatar to make up for slumping demand in its main European markets.

 In November, it agreed to buy an additional 15 percent stake in Vodacom from Telkom South Africa Ltd. for 22.5 billion rand ($2.66 billion), ending a 50-50 partnership and raising its stake to 65 percent.

With Vodafone owning the controlling stake, Uys said that having a sole dominant shareholder would speed up the decision making process as it would no longer have to submit plans to two separate boards for approval.

Besides, Vodafone will keep its acquisitions in new markets, where Vodacom already operates in an active mode.