International Pte Ltd (TCIPL), a wholly owned subsidiary of the Company in Singapore, has informed that TCIPL has divested its 26% stake in STT Tai Seng Pte Ltd (STT Tai Seng). The company which operates the data centre business in Singapore, to STT APDC Pte Ltd, a wholly-owned subsidiary of STT GDC Pte Ltd (STT GDC) at an agreed consideration based on fair market value and changing market conditions.
This divestment is in line with our strategy to evolve the business portfolio by focussing on offering digital infrastructure services through the Growth and Innovation Services portfolio, complementing an asset-light growth model, the company said in the filing.
Tata Communications continues to maintain 26% stake in the India Data Centre business of STT GDC and the company continues to benefit from the rub off effect on its network services due to this investment.
Tata Communications Ltd is currently trading at Rs490.55, up by Rs2.4 or 0.49% from its previous closing of Rs488.15 on the BSE. The scrip opened at Rs488 and has touched a high and low of Rs504.80 and Rs488 respectively.