Sify Plans To Invest In Technology Startups

(RTTNews) - Sify Technologies Limited (SIFY) announced that it will explore avenues to invest in or partner with technology startups focusing on Cloud, Security and Managed services.

These investments or partnerships will be particularly directed at those companies with synergies to Sify's current business lines, Sify said.

Sify said that the aim is to strengthen and differentiate its current service and product offerings both for domestic and international markets, and through strategic relationships with target companies outside of India, expand its presence in key markets outside India.

Sify noted that it will also seek to leverage the company's intellectual property in India, create new revenue streams and increase brand awareness.

Sify stated that it had already called on August 21, 2013, INR 30 crores of capital from its 2010 Subscription Agreement with Sify's promoter group as initial funding for such investments. An additional INR 120 crores will remain available to Sify pursuant to the terms of that agreement, which may be called by Sify's Board of Directors as needed.

The company noted that its board has also approved the execution of an Amendment to the Subscription Agreement removing the current September 2013 deadline to call the balance of INR 120 crores, leaving such funds available for draw by the Board at such time as it determines the funds are needed.