Tata Communications to sell 74 per cent stake in its subsidiary to Singapore Technologies Telemedia

Tata Communications is reportedly planning to sell 74 per cent stake in its subsidiary, Tata Communications Data Centre Private Limited, to Singapore Technologies Telemedia. The deal is said to be valued at Rs 40 billion-Rs45 billion. The proceeds will be utilised to reduce debt, which stood at Rs 95.9 billion as of September 2015. The company has 44 data centres in total and it provides data centre services in India, the US, the UK and Singapore.