We are similarly clear on our financial objectives. While our traditional services continue to be under margin pressure, we are focused on growing our Growth and Innovation services revenues. By investing in services and innovation and continuing to use and improve the efficiencies of our existing assets, we expect that demand for our services will increase and remain strong in the face of increased competition and downward pressure on pricing.
During the current fiscal year, Tata Communications passed several key milestones, including:
- Filing of the Surplus Land Scheme of Arrangement and Reconstruction with the NCLT - the mechanism to demerge 773.13 acres of land originally acquired from the Government of India in 1986 was approved at a shareholders'' meeting in May 2018.
- Five-year anniversary of MQ MQ APAC Hosting launch - we have been positioned as a Leader in the Gartner Magic Quadrant for Network Services, Global for the fifth consecutive year and in November 2017 have made our debut in the Magic Quadrant for Managed Hybrid Cloud Hosting, Asia / Pacific.
- Launch of MOVE and IoT Services in India - offering fully managed solutions underpinned by our global network and partnerships with 600 mobile network operators.
- Expanding our IZOTM Private Cloud footprint in Europe, Middle East and Asia Pacific - to tackle the data sovereignty concerns that large enterprises are beginning to experience, we launched three IZOTM Private Cloud nodes in Germany, the UAE and in Malaysia.
- Investing in our infrastructure in the Americas - by connecting the new Seabras-1 cable system to Tata Communications Global Network, we will address the inbound and outbound needs of Brazil, the fifth largest IT market in the world.
- Adding three new points of presence in Jacksonville, Florida; Minneapolis, Minnesota and St. Louis, Missouri - we also grew the footprint of 48 PoPs across both major cities and the emerging business hubs of the US.
- Driving digital innovation by investing in the future - for example through our MOVE borderless IoT connectivity and startups such as Net Foundry to connect any app via software-only, application-specific networks.
As we look to the future, we will continue to execute our clearly articulated strategy to become a global digital infrastructure services provider - increasing product penetration with existing customers. At the same time, we shall be securing and accelerating our own internal digital transformation, which in turn will sharpen our focus on free cash flow and ROCE. Above all, we will ensure that each and every team member is wholly aligned and committed to delivering sustained and growing value to customers, shareholders and the communities in which we operate.
On behalf of the Board, I would like to extend a big thank you to everyone at Tata Communications for working so hard to take our business - and that of our customers - to the next level, as the digital era opens up so many new opportunities. Your efforts are hugely appreciated.
Managing Director and Group CEO