Blackstone has struck several deals in India in recent months, acquiring the glass unit of conglomerate Piramal Enterprises Ltd. and real estate assets from developer Prestige Estates Projects Ltd
Group is in exclusive talks to acquire a minority stake in Sify Technologies, according to people with knowledge of the matter.
The communications infrastructure firm has sought a valuation of around $1 billion to $1.2 billion in a transaction, said the people, who asked not to be identified because the talks were private. It’s unclear what valuation the Blackstone
stake purchase will be struck at and talks could still fall apart.
Sify’s American depositary receipts rose 6.7 per cent in pre-market trading on Friday in the US. The company had a market value of about $484 million as of Thursday.
Representatives for Blackstone
and Sify declined to comment.
Sify, led by Chairman Raju Vegesna and CEO Kamal Nath, owns and operates data centers as well as India’s largest multiprotocol label switching, or MLPS, network, its website shows.
In a January earnings call, the company said it was expanding its data-center footprint in cities including Mumbai, Noida and Chennai.
Blackstone has struck several deals in India in recent months, acquiring the glass unit of conglomerate Piramal Enterprises Ltd. and real estate assets from developer Prestige Estates Projects Ltd. Aadhar Housing Finance, controlled by the asset manager, has filed a draft prospectus with India’s market regulator in January for an initial public offering that could raise about $1 billion.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.