ST Telemedia and Tata Communications complete the Singapore data centre joint venture transaction

Tata Communications has announced the successful completion of the Singapore data centre joint venture transaction with ST Telemedia (STT), a global investor in communications, media and technology businesses.

In May 2016, both companies 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% majority stake in Tata Communications' data centre business in India and Singapore, with Tata Communications holding the remaining stake as a minority shareholder. The India data centre joint venture transaction was successfully completed on October 19th, 2016.

The completion of both Singapore and India transactions reinforces the strategic partnership between the two dynamic companies, working closely and drawing on each other's complementary capabilities and experience to accelerate growth in the vibrant data centre markets in Singapore and India.

Since the May announcement, both companies' management teams have been working closely to identify areas for business integration to enhance customer service and realise the full potential of the business partnership. Both partners remain committed to ensuring a smooth transition for existing customers and employees of Tata Communications' India and Singapore data centres into the broader STT GDC platform.

Shares of TATA COMMUNICATIONS LTD. was last trading in BSE at Rs.740.2 as compared to the previous close of Rs. 751.55. The total number of shares traded during the day was 46238 in over 2223 trades.

The stock hit an intraday high of Rs. 764.2 and intraday low of 734. The net turnover during the day was Rs. 34631236.

Source : Equity Bulls

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