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Tata Communications today said it has completed the India data centre joint venture transaction with ST Telemedia.
In May 2016, ST Telemedia, through its wholly-owned subsidiary ST Telemedia Global Data Centres (STT GDC), had agreed to acquire 74 per cent stake in Tata Communications' data centre business in India and Singapore.
The transaction for STT GDC's acquisition of the majority stake in the India data centre business has been completed and is estimated at 100 per cent enterprise value of Rs 3,140 crore, Tata Communications said in a filing to BSE.
It added that the company remains a significant shareholder.
The transaction for the Singapore data centre joint venture is expected to close shortly.
The strategic partnership provides both companies with the opportunity to further grow their data centre businesses, offering advanced managed data centre services that enable digital transformation for customers, the filing said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)