Singapore Tech Picks Up 20 Per Cent In Modicorp

Singapore Technologies Teleme dia, the telecommunications arm of Singapore Technologies group yesterday announced it was picking up 20 per cent stake in ModiCorp for $ 27 million (Rs 122 crore). STT will nominate a chief technology officer and two of its senior managers on the ModiCorp board. This deal values ModiCorp at Rs 610 crore. STT is to set up a joint venture with ModiCorp to establish internet data centres and offer national long distance telephony in India. Bhupendra Kumar Modi, chairman & chief executive officer, ModiCorp said," More than the financial stake, it is the technology tie up which will help ModiCorp spearhead their new array of services across the information, communication and entertainment spectrum.' The internet data centres will provide customers with a reliable platform for complex web hosting solutions and other advanced data-centric-services, ModiCorp said in a press release. STT has already partnered with Global Chinese Communications (Hong Kong), National Digital Media (Thailand), PT Astra International (Indonesia) and Asia Global Crossing Network (Singapore) to set up internet data centres. ModiCorp and STT will jointly explore the formation of the domestic long distance network along with other parties, the release said. ModiCorp, a national player in the telecom sector had earlier also entered into joint ventures with Xerox, Telstra, Alcatel, Distacom and GBC.