Mumbai; August 11, 2011
IDFC provides 100 crore loan to Tulip Telecom and 150 crore loan to Tulip Data Centre
Mumbai, August 11, 2011: Tulip Telecom Limited is a data telecom service and IT solutions provider that offers innovative IP based infrastructural solutions to its customers. Tulip is India’s largest MPLS VPN player and has been the front-runner in provisioning and managing multi location wide area networks for various industry verticals. The company has fiber network of over 6,000 km with presence in 300 cities across India. Tulip is in the process of increasing its fiber network for wider geographical coverage.
IDFC has extended a 100 crore, 6 year structured loan to the company to part finance its roll-out of fiber network across the country.
In January 2011, Tulip Data Center Services Pvt. Ltd. (100% subsidiary of Tulip Telecom) acquired 100% equity in SADA IT Parks Pvt. Ltd. which owns a 9 lac sq ft building in Whitefield, Bangalore for cumulative acquisition cost of 230 crore. Tulip Data Centre is developing this property into a data center. On completion this will be India’s largest and world’s third largest data centre. The master plan for the facility is being designed by IBM. This facility will serve the hosting, co-location, storage and connectivity needs of large enterprises and SMEs in India and abroad. Tulip Data Centre’s Bangalore facility is unique due to its modular design and ability to provide multiple tier data centre facilities to suit the varied requirements of different types of clients.
IDFC has extended 150 crore, 7 year structured loan facility to Tulip Data Centre which will be used to build the first phase of the Bangalore data centre facility.
For further details, please contact:
Mr. Arun Raste
Infrastructure Development Finance Company Limited
Tel: + 91 22 42222019