(Bloomberg) -- Tata Communications Ltd., part of India’s biggest conglomerate, announced the sale of 74 percent stake in its data center business to a unit of Temasek Holdings for an enterprise value of $633 million to raise funds for expansion and pare debt.

Singapore Technologies Telemedia Pte. is buying the majority stake in 14 data centers in India and three Singapore facilities while Tata Communications will retain the remaining 26 percent. The transaction is expected to close “in the coming weeks” and the proceeds will go toward new investments, according to Rangu Salgame, Tata Communications’ chief executive officer for growth ventures.

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