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Tulip Tele sees data centre stake sale in 2-3 months

Tulip Tele sees data centre stake sale in 2-3 months
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First Published: Thu, May 12 2011. 06 41 PM IST
Updated: Thu, May 12 2011. 06 41 PM IST
New Delhi: Tulip Telecom Ltd , a corporate data services provider, expects to sell 25% of its Bangalore data centre in 2-3 months, a top executive said on Thursday.
“We bought the (Bangalore) business for Rs 230 crore . We definitely expect some premium over that. How much, we will know in 2 months,” chief executive Sanjay Jain told Reuters.
Tulip roped in the world’s largest technology services company IBM last month to partner in its Bangalore data centre, and believes that data centre can generate revenue of about Rs 1000 crore in the next 3-4 years, Jain said.
The firm’s board also approved on Thursday plans to raise Rs 1000 crore to fund expansion plans.
Tulip, which owns a 13% stake in wireless chip maker Qualcomm Inc’s India broadband venture, expects the US Chipmaker to exit the venture in this financial year, Jain said.
Qualcomm, which sold 26% stake in its India broadband venture to Indian firms Global Holdings and Tulip Telecom for about $58 million last year, has said it is in talks with Indian mobile firms as it seeks to eventually exit the business.
Earlier on Thursday, Tulip posted a 26% rise in profit for Jan-March, which Jain attributed to higher revenue and improved margins.
“We have grown at around 20% last year. We hope to maintain that traction,” Jain said.
Tulip shares, valued at about Rs 2400 crore, closed up 0.93% at Rs 162.70 in a weak Mumbai market.
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First Published: Thu, May 12 2011. 06 41 PM IST