Indian telecom services provider Tulip Telecom is looking to complete a stake sale in its data centre business by August, according to Livemint.
The company is seeking to divest a 30% interest in wholly-owned Tulip Data Center Services for US$60m.
CEO…
Indian telecom services provider Tulip Telecom is looking to complete a stake sale in its data centre business by August, according to Livemint.
The company is seeking to divest a 30% interest in wholly-owned Tulip Data Center Services for US$60m.
CEO Sanjay Jain told Livemint that the company would use the funds to expand its data storage operations.
In early April, it was reported that Tulip Telecom had received interest from at least 25 local and foreign potential buyers. Nomura has been appointed to advise it on the sale, according to local newspapers.
At the time, Hardeep Singh Bedi, Tulip’s chairman, was quoted saying that the data centre business would represent a quarter of the company’s overall revenue by 2013, compared with 5% now.
In January, it was reported that Tulip Telecom had acquired data centre company SADA IT Parks for Rs2.3bn (US$50.3m). The company was expected to be owned and operated through Tulip Data Center Services.
Tulip Telecom could not be reached for comment before the press deadline.
