Tata Communications Ltd is selling a 74 percent stake in its data centre business to Singapore-based ST Telemedia for about $630 million including debt, the company said on Thursday.
Tata Communications, which provides telecom and data services infrastructure through its network of undersea and terrestrial cables, has been looking to sell non-core assets to cut debt.
The ST Telemedia deal includes sale of a 74 percent stake in the company's 14 data centres in India for Rs 3,110 crore ($462.66 million), and sale of a similar stake in its three Singapore data centres for S$232.4 million ($168.37 million).
Tata Communications will continue to hold a 26 percent stake in the data centre operations, it said.
Published Date: May 19, 2016 12:25 PM | Updated Date: May 19, 2016 12:25 PM