Sify eyes investment in technology start-ups

NASDAQ-listed Sify Technologies Limited today announced that it will explore avenues to invest in or partner with technology startups focusing on Cloud, Security and Managed services. The company has said that Rs 120 crore will be available to Sify pursuant to the terms of that agreement.

The company is looking at investing or planning to partner in companies, which has synergies to Sify's current business lines.

"The aim is to strengthen and differentiate Sify's current service and product offerings both for domestic and international markets, and through strategic relationships with target companies outside of India, expand its presence in key markets outside India.  Sify will also seek to leverage the Company’s intellectual property in India, create new revenue streams and increase brand awareness," said the company in a statement.

Sify had already called on August 21, 2013, Rs 30 crore of capital from its 2010 Subscription Agreement with Sify's promoter group as initial funding for such investments. An additional Rs 120 crore will remain available to Sify pursuant to the terms of that agreement, which may be called by Sify's Board of Directors as needed.

Sify's Board has also approved the execution of an Amendment to the Subscription Agreement removing the current September 2013 deadline to call the balance of Rs R120 crores, leaving such funds available for draw by the Board at such time as it determines the funds are needed.

Sify is one of the leading integrated ICT Solutions and Services companies in India, offering end-to-end solutions with a comprehensive range of products delivered over a common telecom data network infrastructure reaching more than 1100 cities and towns in India. This telecom network today connects 36 Data Centres across India in addition to Sify’s own 5 Tier III Data Centres across the cities of Chennai, Mumbai, Delhi and Bengaluru.