Tata Communications shares gained 3.5 percent intraday Wednesday on a media report that a Singapore-based company is in race to buy data centre business of the company.
"Singapore Technologies Telemedia, an investment unit of Temasek Holdings, has emerged as a strong contender to buy Tata Communications' data centre business," said a media report quoting unnamed sources.
"The deal is estimated at about USD 700 million (Rs 4,421 crore)," the report added.
Earlier in August, there was a media report that Google and Amazon were in race to buy company's data centre. The company denied market rumours but confirmed that it has been exploring various strategic options for its data centre infrastructure business in India and potentially Singapore. Jefferies LLC is an advisor to the company.
Tata Communications, a leading global provider of a new world of communications, has 44 data centres and colocation centres.
At 10:33 hours IST, the scrip of Tata Communications was quoting at Rs 420.95, up Rs 9.30, or 2.26 percent on the BSE.
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