The proposal of data centre solutions firm Netmagic Solution to increase the stake of its parent company Japan-based NTT Communications in it to up to 81.6345 per cent for Rs 575 crore has been approved by the Finance Ministry.
NTT Communications provides consultancy, architecture, security and cloud services to enterprises.
"The proposal of Netmagic Solutions Pvt Ltd, Mumbai has been cleared," Finance Ministry said.
The proposal was for the enhancement of foreign equity participation in Netmagic Solution Pvt Ltd, a telecom company, from 74 per cent to up to 81.6345 per cent by NTT Communications, the foreign parent, and the proposed amount is Rs 575 crore, it added.
Netmagic provides data centre infrastructure lifecycle management (DILM) services. It company delivers services to plan, design, manage, support and migrate IT infrastructure running mission critical applications for over 1,200 enterprises across the globe.
Netmagic delivers services from 8 carrier-neutral, data centres located in Mumbai, Bengaluru, Noida (Delhi-NCR) and Chennai.
The parent firm NTT Communications' solutions leverage global resources of NTT Group companies including Dimension Data, NTT DOCOMO and NTT DATA.