ST Telemedia to buy 74% stake in Tata Communications' data centre business
Commenting on the acquisition, ST Telemedia's Executive Director Sio Tat Hiang said, "The latest addition of India to the STT GDC network will be a major impetus to advance the company’s ambition to be a significant global data centre service provider."
ST Telemedia through ST Telemedia Global Data Centres (STT GDC) will acquire a 74% majority stake in Tata Communications' data centre business in India and Singapore, ST Telemedia said in a press release on Thursday.
According to Reuters news report, Tata Communications is selling its 74% stake in its data centre business to Singapore-based ST Telemedia for about $630 million (nearly Rs 4,191.23 crore) including debt.
Commenting on the acquisition, ST Telemedia's Executive Director Sio Tat Hiang said, "The latest addition of India to the STT GDC network will be a major impetus to advance the company’s ambition to be a significant global data centre service provider."
Tata Communications will remain as a significant shareholder, holding the remaining 26% stake in the data centre business.
The joint venture (JV) formed between these two companies will include Tata Communications' 14 data centres in key cities across India and its three facilities in Singapore.
With the acquisition, STT GDC will further expand and strengthen its global data centre network to span four geographies, including strong bases in two of Asia’s largest growth markets - India and China, cited the release.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
10:48 AM IST
Tata Communications to invest $300 million to expand network, platform in FY18