Govt allows NTT Communications to raise stake in Netmagic
NTT Communications to hike stake in Netmagic Solutions from 74% to 81.63% for Rs575 crore
Mumbai: The Foreign Investment Promotion Board (FIPB) has allowed Japan’s NTT Communications Corp. to increase its stake in Mumbai-based Netmagic Solutions Pvt. Ltd, a data centre solutions firm, from 74% to 81.63% for Rs575 crore.
This is the largest approval received in the IT infrastructure service provider space till date, Netmagic said.
Netmagic delivers services from eight carrier-neutral data centres in Mumbai, Bangalore, Noida and Chennai.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!