Tulip Data Centre Services, a wholly owned arm of listed Tulip Telecom, has raised Rs. 250 crore ($ 51 million) through mezzanine funding from ICICI Bank..Amarchand Mangaldas advised Tulip with a team led by Partner Kalpataru Tripathy along with Principal Associate Vineet Bansal and Senior Associate Promode Murugavelu..Argus Partners advised ICICI Bank with a team led by Partners Krishnava Dutt and Utsa Shome..The funds under the present transaction have been raised for development of a data centre project in Bangalore spread across an area of 9 lakh sq ft. with a total investment of Rs. 900 crore, which would be Asia’s largest and World’s third largest..Amarchand had last year too advised Tulip in acquiring SADA IT Parks in Bangalore for Rs. 230 crore, which is being used for the data centre..Of the balance Rs 670 crore investment, the company has raised Rs 500 crore through the mezzanine funding and long term debt. The remaining amount will be invested out of internal accruals, reports VCCircle..Speaking on the transaction, Kalpataru said, “We have strengthened our relationship with Tulip group with each transaction. The present transaction, owing to its complex structuring, lasted a relatively extended period involving multifarious aspects”..According to Dealcurry, Tulip Data City currently has orders worth Rs. 600 crore from IBM, NTT and HP that on annual basis will give revenue of Rs. 120 crore. Tulip Telecom is an enterprise communications service provider and provides leased line and corporate internet connectivity to industries such as banking, IT and BPO. It has a data network over 2000 locations in India and has over 3539 employees and more than 2400 customers across India..This is Tulip’s 5th data center along with already operating two in Mumbai, and one each in Delhi and Bangalore and plans to acquire more data centres.
Tulip Data Centre Services, a wholly owned arm of listed Tulip Telecom, has raised Rs. 250 crore ($ 51 million) through mezzanine funding from ICICI Bank..Amarchand Mangaldas advised Tulip with a team led by Partner Kalpataru Tripathy along with Principal Associate Vineet Bansal and Senior Associate Promode Murugavelu..Argus Partners advised ICICI Bank with a team led by Partners Krishnava Dutt and Utsa Shome..The funds under the present transaction have been raised for development of a data centre project in Bangalore spread across an area of 9 lakh sq ft. with a total investment of Rs. 900 crore, which would be Asia’s largest and World’s third largest..Amarchand had last year too advised Tulip in acquiring SADA IT Parks in Bangalore for Rs. 230 crore, which is being used for the data centre..Of the balance Rs 670 crore investment, the company has raised Rs 500 crore through the mezzanine funding and long term debt. The remaining amount will be invested out of internal accruals, reports VCCircle..Speaking on the transaction, Kalpataru said, “We have strengthened our relationship with Tulip group with each transaction. The present transaction, owing to its complex structuring, lasted a relatively extended period involving multifarious aspects”..According to Dealcurry, Tulip Data City currently has orders worth Rs. 600 crore from IBM, NTT and HP that on annual basis will give revenue of Rs. 120 crore. Tulip Telecom is an enterprise communications service provider and provides leased line and corporate internet connectivity to industries such as banking, IT and BPO. It has a data network over 2000 locations in India and has over 3539 employees and more than 2400 customers across India..This is Tulip’s 5th data center along with already operating two in Mumbai, and one each in Delhi and Bangalore and plans to acquire more data centres.
