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.