Iron Mountain In Joint Venture With India's Web Werks- Quick Facts

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Green Field Farms Dairy has recalled its Whole Chocolate Milk product as a laboratory analysis indicated that the product was not effectively pasteurized, the U.S. Food and Drug Administration announced. The recall involves 1,242 units of the Whole Chocolate Milk with an expiration date of September 29, 2021. General Motors will start replacing defective battery modules in Chevrolet Bolt EVs and EUVs with new modules. The replacement battery modules will be shipped to dealers as soon as mid-October, the automaker said in a statement. CVS Health is set to recruit qualified candidates to fill 25,000 clinical and retail jobs during a one-day national career event on Friday, September 24. This will enable CVS to meet the high demand for pharmacists, pharmacy technicians, nurses, and retail store associates to support flu season, COVID-19 vaccinations and testing.
Follow RTT