Japan’s telecom behemoth NTT will acquire 74% in Netmagic Solutions, a datacenter services provider. The acquisition is subject to regulatory approvals. Sharad Sanghi will remain the CEO of Netmagic. Netmagic had raised $16M From Nokia Growth Partners and Cisco in 2010, and Rs 80 crore from Fidelty and Nexus Venture Partners in 2008.

Netmagic currently operates seven datacenters (in Mumbai, Chennai, Noida and Bangalore), and according to the release, has over 1000 customers, providing colocation, managed hosting, ISP and cloud services. It services financial services, telecom, online media, online trading, travel and manufacturing companies, and competes with entities like Sify (Enterprise Business) and Net4India. The company employs about 500 people, and is headquartered in Mumbai.

NTT also has significant stake in Indian telecom operator Tata Teleservices, which provides GSM mobile services as Tata Docomo. However, the NTT is yet to launch any consumer facing services in India, despite saying that the company will launch its mobile data services i-mode services in India, at the time that Tata Docomo was launched. The acquisition of Netmagic, NTT says, will help the company is going to focus on business-to-business solutions, including its plan to provide global end-to-end cloud services. The NTT Com Group is targeting global sales revenues of at least 1.5 trillion yen by 2015.