WASHINGTON (dpa-AFX) - Storage and information management services firm Iron Mountain Incorporated (IRM) said it entered into a joint venture with Web Werks, an Indian colocation data center provider by investing $150 million in Web Werks, over the next two years.
By doing this, Iron Mountain aims to expand its data center business to India. Iron Mountain Data Center customers will now have access to three rapidly growing Indian markets, the company said in a statement.
Iron Mountain is expected to be the majority investor in the venture after the investment period.
Web Werks operates three Tier 3, carrier-neutral data centers, in Mumbai, Pune and Delhi NCR. The new investment also helps Web Werks to expand its existing markets with subsequent expansion to other locations including Bangalore, Hyderabad and Chennai.
'The India data center market is projected to grow rapidly in the coming years and we are excited to be an early mover into a market where the demand is high and the supply is low,' Mark Kidd, Executive Vice President & General Manager, Iron Mountain Data Centers said.
The first phase of the transaction is expected to close within the next 90 days.
Copyright RTT News/dpa-AFX
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