India
Netmagic to invest Rs 100 Cr in 2008 on expansion
Bangalore | Tuesday, Feb 12 2008 IST
''Netmagic Solutions'', the country's leading carrier neutral managed IT services provider, will invest Rs 100 crore in 2008 for major expansion, Company founder and Chief Executive Officer Sharad Sanghi said today. Disclosing this at a press conference here, he said expansion would be taken up in branding, doubling Data Centre to eight from the present four and on Research and Development. He said Netmagic had acquired Rs 80 crore in private equity funding by Indian proprietary venture and growth capital arm of Fidelity International Limited and Nexus India Capital, India's leading Venture Capital firm. He said the fund would be utilised to accelerate business growth and expand footprints in the domestic and international markets and build a nation-wide network of data centres. At present, the company has overseas operation in USA and Europe. Mr Sanghi said the company had been registering 70 per cent growth year on year basis since the last four years. This year it was expected to achieve 100 per cent. -- (UNI) -- 12MC16.xml
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