21Vianet Establishes Smart Time Technologies JV With Foxconn Technology Group

(RTTNews) - 21Vianet Group, Inc. (VNET) announced that it has established Smart Time Technologies Limited, a strategic joint venture, with the leading global electronics manufacturer, Foxconn Technology Group.

21Vianet and Foxconn will invest a combined total of US$25 million in the initial phase of the cash investment in return for 60% and 40% equity interest in the Joint Venture, respectively.

Through this Joint Venture, both the companies will jointly build and develop a global supply chain for the internet data center or IDC and cloud computing infrastructure markets. In addition, the Companies also announced that they plan to open a 21Vianet-Foxconn Internet Infrastructure and Engineering Technology Research and Development Center. This development is expected to further strengthen the technological collaboration between the two companies.

Building upon the strategic partnership, Smart Time Technologies will serve as the operating entity in both domestic and foreign IDC markets, responsible for data center planning, design, construction, project financing, operations and maintenance, customization, design-build, technical support and other services.

Additionally, the Joint Venture will seek business opportunities in the power and network equipment markets, in an effort to further improve the overall efficiency and reliability of data center operations and strengthen the basic and value-added network service capabilities.