Tulip Telecom CEO Sanjay Jain Resigns

Enterprise data services provider Tulip Telecom Ltd's CEO, Sanjay Jain has resigned from the company due to personal reasons, according to a company statement to the Bombay Stock Exchange.

Jain was the CEO of Tulip Telecom since October 2009 and prior to that he was CFO at Essel Group.

In a separate report news agency PTI quoted Jain as saying: "I am taking break from IT segment and hope to start my new assignment soon."

Early this week, the company said it has raised Rs 250 crore($51 million) through mezzanine funding from an unnamed financial institution. The money will part fund the Rs 900 crore investment strapped to its wholly owned subsidiary, Tulip Data Centre Pvt Ltd. The Bangalore-based arm has just commissioned what it claims to be India's largest data centre( and third largest single facility in the world) spread across 9 lakh sq ft area in Bangalore to deliver new cloud and networking services.

Tulip had one year ago acquired SADA IT Parks Pvt Ltd in Bangalore for Rs 230 crore, which is being used for the data centre.