Tata Comm to transfer IDC biz to its wholly-owned subsidiary
New Delhi: Tata Communications on Friday said it will transfer the India Data Centre (IDC) business to its wholly-owned subsidiary S&A Internet Services.
The company in a filing to the BSE said: "The Board of Directors of the Company at its meeting held on March 01, 2013 has approved a Scheme of Arrangement for transfer of its India Data Centre Business (IDC) to its wholly owned subsidiary S&A Internet Services Private Limited (SAISPL)."
It added that the decision has been taken after considering the recommendation of the Audit Committee and subject to receiving approvals of the shareholders and creditors of the company and of SAISPL, Indian stock exchanges.
The company will also take approvals from market regulator Sebi, High Court, among others, it said.
IDC serves the hosting, storage and connectivity needs of large enterprises as well as small and medium businesses. It also serves as a disaster recovery facility for enterprises that are present in other key business centres across India or nearby countries.
Tata Communications, part of the salt-to-software Tata group, is the largest player in the data centre business in India with 42 facilities worldwide.