Update: A spokesperson for Netmagic said told MediaNama that the 100% stake in it is being picked up by NTT Communications, a wholly owned telecom subsidiary of the NTT Corporation, and not by NTT Docomo. An earlier version of the story wrongly referred to NTT Docomo, which is a telecom operator in Japan. We apologise for the error. Japanese telco NTT Communications has received clearance from the FIPB to increase its stake in Mumbai-based network infrastructure provider Netmagic Solutions to 100%. The stake is worth Rs 533.83 crore. NTT, earlier held an 81.63% stake in Netmagic after initially holding a 74% stake in 2012. At that time of investment, NTT had mentioned 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 is a managed IT services provider specialising in Data Centers,…
