MUMBAI (Reuters) - India’s Tata Communications Ltd (TATA.NS) is selling a 74 percent stake in its data center 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 centers in India for 31.1 billion rupees ($462.66 million), and sale of a similar stake in its three Singapore data centers for S$232.4 million ($168.37 million).
Tata Communications will continue to hold a 26 percent stake in the data center operations, it said.
Reporting by Himank Sharma; Editing by Sunil Nair