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Tata Comm arm sells entire 26% stake in Singapore data centre biz to STT GDC

PTINew Delhi
Updated: 14-06-2019 17:10 IST
Tata Comm arm sells entire 26% stake in Singapore data centre biz to STT GDC

Image Credit: Wikimedia

Tata Communications Friday said its data centre arm has sold entire stake in Singapore unit to STT GDC for an undisclosed amount. "TCIPL (Tata Communications International Pte Ltd) has divested 26 per cent stake in STT Tai Send Pte Ltd, which operates data centre business in Singapore, to STT APDC Pte Ltd, a wholly owned subsidiary of STT GDC Pte Ltd at an agreed consideration based on fair market value and changing market conditions," Tata Communications said in a BSE filing.

In May 2016, both the companies had announced their entry into definitive agreements whereby STT, through its wholly owned subsidiary, ST Telemedia Global Data Centres (STT GDC), agreed to acquire a 74 per cent majority stake in Tata Communications' data centre business in India and Singapore, with TCIPL holding the remaining stake as a minority shareholder. The India data centre joint venture transaction was successfully completed on October 19, 2016, at an estimated 100 per cent enterprise value of Rs 3,140 crore.

"Tata Communications Limited continues to maintain 26 per cent stake in the India Data Centre business of STT GDC and the company continues to benefit from the rub off effect on its network services due to this investment," the filing said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)