Tulip buys data centre for Rs270 cr; to invest Rs670 cr

New Delhi: Enterprise communication service provider Tulip Telecom today said its subsidiary has bought the data centre facility in Bengaluru from SADA IT Parks Pvt Ltd (SADA) for Rs230 crore and would further invest Rs670 crore to upgrade it, reports PTI.

Tulip Telecom's arm Tulip Data Center Services Private Limited (Tulip Data Center) has bought 100% shares of SADA, which owns the data centre facility in Bengaluru, for Rs230 crore.

Besides, the company will undertake investments of another Rs670 crore in next three years to upgrade the facility, the company said.

"The company has made Rs230 crore as the upfront payment, which will come from Tulip's balance sheet, while about Rs270 crore will be generated from the data centre revenues, and about Rs400 will come from external funding for which we are in discussion with strategic investors," Tulip Telecom CEO Sanjay Jain told PTI.

The data centre, spread over 900,000 sq ft is the world's third largest of its kind, the other two being in the US.

Mr Jain said the company is looking at serving both domestic and overseas customers through this data centre.

This is Tulip's fifth data centre, with the company already operating four data centres-two in Mumbai, and one each in Delhi and Bengaluru.

Mr Jain said the data centre will have a revenue generation potential of Rs1000 crore when it reaches its peak capacity in the next three years.

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Canara HSBC Oriental Bank of Commerce Life Insurance appoints John Holden as CEO

Canara HSBC Oriental Bank of Commerce Life Insurance-a joint venture between Canara Bank and Oriental Bank of Commerce, and HSBC Insurance (Asia Pacific) Holdings Ltd, said it has appointed John Holden as the chief executive officer (CEO).

He succeeds Harpal Karlcut who was responsible for the successful launch and growth of business. Mr Karlcut has now moved back to HSBC Insurance on an overseas assignment.

Mr Holden is an internationally experienced executive with a track record of developing and implementing growth strategies across business areas, geographies and cultures. He has worked with HSBC for over 26 years in banking, marketing and insurance, spending the majority of his career in the group's life, pensions and investment businesses, supporting retail, commercial and private banking propositions.

Mr Holden has spent the last 13 years in Korea, Taiwan, Malaysia, and the Middle East and has been instrumental in creating extremely successful bancassurance distribution partnerships. Prior to joining Canara HSBC Oriental Bank of Commerce Life Insurance, he was deputy president & chief operating officer of Hana HSBC Life Insurance; a 50:50 joint venture between Hana Financial Holdings and HSBC Insurance.

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Lavasa project: MoEF to submit affidavit and order to HC

Mumbai: The Union ministry of environment and forests (MoEF) today told the Bombay High Court that it would submit its affidavit and a copy of its order on the controversial Lavasa housing project near Pune, which allegedly violated green norms, reports PTI.

Additional Solicitor General Darius Khambata, appearing for the ministry, told a division bench of justices VC Daga and Rajesh Ketkar that the ministry would be submitting its affidavit and order to the court registrar later in the day.

Mr Khambata said the matter would be heard on 27th January.

The high court had on 22nd December last year directed the environment ministry to take a final decision on its show-cause notice to Lavasa Corporation (LC), the promoter of the project at the hill station (Lonavala).

According to reports, the environment ministry has pointed to "grave violations" in the Lavasa project and is mulling strong action against it.

The ministry had served notice to Lavasa Corporation on 25 November 2010 as to why it did not obtain environmental clearances as per notifications issued under the Environment Protection Act before commencing the project in 2004.

LC, a subsidiary of Hindustan Construction Company, challenged the notice before the high court. The corporation has claimed that it is a tourism project and was based on the state hill tourism policy, formulated by the Maharashtra government, allowing the Rs2,000 crore project to come up.

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