Comments
Japan’s NTT Communications is set to acquire the 19 per cent of Indian data centre firm Netmagic it does not own from the company’s founder, Sharad Sanghi.
In 2012, NTT acquired a 74 per cent stake in Netmagic for about ₹900 crore and later increased its stake to 81 per cent. Going by the 2012 valuation, the 19 per cent stake should be worth at least ₹240 crore.
Industry analysts say the current valuation is expected to be much higher as the company had doubled its data centre space in the last four years and added many more clients.
Sanghi will offload his entire stake, but will continue as CEO and MD, said sources close to the development.
NTT Com will also infuse an additional ₹2,000 crore in Netmagic, which will be used to more than double its data centre capacity to 13 lakh sq ft by 2018.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.