The Foreign Investment Promotion Board (FIPB) has approved, Netmagic's proposal to increase foreign equity from 49% to 74%, and for the induction of a new foreign collaborator, NTT, to carry out the business of an ISP with gateways. This implies that Japanese telecom giant NTT, will now have a 74% stake in Netmagic. The FIPB media release mentions that the FDI inflow in the transaction was Rs 182.80 crore. So it's likely that NTT paid the same amount for the stake in Netmagic. NTT had said that the acquisition will help the company to focus on business-to-business solutions, including its plan to provide global end-to-end cloud services. Netmagic also holds a class A ISP license, so NTT will also be able to offer internet services through the company. In an interview with The Web Host Industry Review, NTT America senior director, corporate marketing communications Christopher Davis, had said that following the acquisition, NTT Com will be able to meet demand from its Japanese and global clients to provide ICT infrastructure services in India. He said that Netmagic will have access not only to leading Japanese companies present in India but also to NTT Com Group’s client base of multinational corporations, throughout various geographies and verticals. He had also mentioned that the current team at Netmagic would continue to work for the company. Following the approval of the acquisition, Sharad Sanghi will remain the CEO of Netmagic, as indicated by the company, in a previous media release. The FIPB had earlier deferred Netmagic's proposal in April…
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