NTT to acquire 74% in Netmagic Solutions

A Nikkei news report estimated the size of deal to be around 10 billion Japanese yen.

Written by Agencies | Mumbai | Published: January 25, 2012 4:52 pm

Japan-based NTT Communications Corporation (NTT Com) will acquire 74 per cent stake in Mumbai-based datacenter firm Netmagic Solutions for reportedly around 10 billion yen (Rs 641.9 crore approximately).

“This acquisition enhances our global status as the ICT (Information and Communication Technology) partner of choice,including now in India,one of the key areas of our future growth,” Senior Vice President of NTT Communications Katsumi Nakata said in the joint statement.

A Nikkei news report estimated the size of deal to be around 10 billion Japanese yen.

The addition of Netmagic Solutions’ datacenter services and sites will expand NTT Com’s capability to provide one-stop ICT solutions in Indian market,as well as enhance its offering of global cloud services through expanded ICT infrastructure Asia-wide,the statement said.

Established in 1998,Netmagic Solutions operates seven datacenters in major Indian cities such as Mumbai,Chennai,Noida (Delhi-NCR) and Bangalore. It provides services such as colocation and managed hosting to more than 1,000 customers and employs about 500 people.

“This alliance will help Netmagic to leverage NTT Com’s global network and datacenter footprint for customers. The partnership will also help us strengthen our growth plans in the Indian sub-continent and globally,while NTT Com’s global customers in India can benefit from Netmagic’s expertise,” Founder and CEO of Netmagic Solutions Sharad Sanghi said.

NTT Com Group said it will focus on building global capabilities to achieve it aim of global sales revenues of at least 1.5 trillion yen,including a doubling of ex-Japan sales revenues,by 2015.

The acquisition is subject to the approval of relevant authorities in India,the statement said.

For all the latest News Archive News, download Indian Express App

  1. No Comments.