Samara acquires 45% stake in Iron Mountain's India arm

Iron Mountain, which was formed in 1951, stores and protects data assets such as business documents, back-up tapes, electronic files and medical data. The company moved into India in 2006 when it set up a joint operation with Mody Access Info and Indexinfo Services, taking a 50.1% stake in the venture. Mody then changed its name to Iron Mountain India.

The business has 16 facilities across Mumbai, Delhi, Pune, Bangalore, Hyderabad, Chennai and Kolkata and employs more than 1,600 professionals. In total, the unit has 4.5 million cubic feet of records and more than 250,000 data tape cartridges in storage and serves more than 850 customers, including leading banks, telecom companies and insurers.

"We are seeing rapid adoption of such services in India as businesses increasingly realize the importance of mitigating legal and brand risks; complying with regulation; and managing information in a more cost-efficient manner," said Manish Mehta, managing director of Samara, in statement.

Founded by former Goldman and Citigroup executive Sumeet Narang, Samara's investments cover the consumer, IT and business process outsourcing, financial services, healthcare and infrastructure sectors. The GP manages nearly $500 million across two funds. It has so far invested close to $300 million in India across 15 companies.

This deal continues a nascent trend whereby multinationals have brought in private equity firms as investors in their India operations. Last year, Baring Private Equity Asia took a stake in Lafarge's local business.

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