AZB & Partners and Economic Laws Practice (ELP) have advised in the private equity investment led by Nokia Growth Partners (NGP) and Cisco in the IT hosting service provider Netmagic Solutions resulting in a 12 per cent equity buy worth Rs 46.5 crore ($10.6m).

AZB partner Gautam Saha headed his team which also included Garima Bharati and Dushyant Bagga for venture capital firm NGP and Cisco’s investment arm CSI BD Mauritius.

ELP partner Yashojit Mitra and associate Devyani Singh acted for Netmagic Solutions, which is a managed IT hosting services provider.

“The scope of legal services provided included legal due diligence of Netmagic and preparation of transaction documents and Shareholders’ Agreement; Review of authorizations and board resolutions,” said AZB in a statement.

This third round of funding received by Netmagic would be utilised by the company for increasing its data centre footprint in Tier I cities across the nation.