Princeton Growth Ventures (PGV) today said it has obtained "backing" of up to USD 300 million (over Rs 1,933 crore) from an affiliate of Warburg Pincus, a global private equity firm.
Princeton Growth Ventures (PGV) today said it has obtained "backing" of up to USD 300 million (over Rs 1,933 crore) from an affiliate of Warburg Pincus, a global private equity firm.
PGV aims to create a global Telecommunications, Media and Technology (TMT) infrastructure platform, with special focus on data centres and digital media services, it said in a statement.
The company's strategy is to acquire standalone as well as carve-out assets in India, China, Southeast Asia, the Middle East and Latin America, it added.
PGV was co-founded by Rangu Salgame, who has over 25 years of experience having worked across Tata Communications, Cisco Systems and Verizon Communications. He was most recently the Chief Executive Officer of the Growth Ventures Group at Tata Communications.
Warburg Pincus has been a leading investor in the TMT sector globally for over 25 years. It has invested over USD 16 billion in more than 300 TMT companies, including BEA Systems, Bharti Televentures, Nuance Communications and Veritas Software.
There is a significant shortage of focused high quality co-location data centre providers in Asia and Latin America, and demand is expected to grow rapidly due to cloud, mobile and video streaming, Warburg Pincus Managing Director Viraj Sawhney said.
He added that as telecom companies increasingly divest non-core assets, a number of attractive investment opportunities will emerge in data centres and the broader TMT infrastructure sector.
"PGV is seeking to build a multi-billion dollar internet infrastructure platform of global scale by acquiring assets from or partnering with telecom and media companies and independent players," said Salgame, Chairman and CEO of PGV.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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