Tata Comm divests 26% stakes in Singapore data centre biz
Friday - June 14, 2019 4:26 pm , Category : BUSINESS
Mumbai, June 14 (IANS) Tata Communications has divested its remaining 26 per cent stake in its Singapore-based subsidiary engaged in the data centre business."Tata Communications International Pte Ltd (TCIPL) a wholly-owned arm of the company in Singapore has informed that TCIPL has divested its 26 per cent stake in STT Tai Seng Pte Ltd (STT Tai Seng) that operates data centre business in Singapore to STT APDC Pte Ltd at an agreed consideration based on fair market value and changing market conditions", Tata Communications said in a regulatory filing.The amount was not disclosed.The Tata Communications stock was at Rs 492.55, slightly up by 0.4 per cent."This divestment is in line with our strategy to evolve on offering digital infrastructure services through growth and innovation service portfolio complementing the asset light growth model," the company informed the exchanges.STT APDC is a wholly-owned subsidiary of STT GDC Pte Ltd.