Japan's NTT to fully acquire Netmagic
Sharad Sanghi will continue as CEO and Managing Director of the company lead NTT Com's operations in India after Japan's NTT fully acquires Netmagic. Read more here!
- (1888PressRelease) May 21, 2016 - MUMBAI : Japan's NTT Communications is set to acquire the 19 per cent of Indian data centre firm Netmagic it does not own from the company's founder, Sharad Sanghi.
In 2012, NTT acquired a 74 per cent stake in Netmagic for about Rs 900 crore and later increased its stake to 81 per cent. Going by the 2012 valuation, the 19 per cent stake should be worth at least Rs 240 crore.
Industry analysts say the current valuation is expected to be much higher as the company had doubled its data centre space in the last four years and added many more clients.
Sanghi will offload his entire stake, but will continue as CEO and MD, said sources close to the development.
NTT Com will also infuse an additional Rs 2,000 crore in Netmagic, which will be used to more than double its data centre capacity to 13 lakh sq ft by 2018.
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