An Adani Group company has acquired a 25-acre land parcel in Pune, India, reportedly to build a data center. According to a report by The Economic Times, an Indian business news publication, the land parcel is located in Pune’s Pimpri industrial zone, and Terravista Development, an Adani Group company had acquired leasehold rights over it for around Rs 470 crore from Finolex Industries, a company best known for manufacturing pipes.
While AdaniConnex, which is Adani’s data center business, is yet to confirm if it is indeed planning to build a data center on this land, according to a report in LiveMint, the deal was confirmed by documents obtained by CRE Matrix, a firm specialising in real estate data analytics. CRE Matrix further confirmed this is a post on LinkedIn where it shared the report by The Economic Times.
Pune, a thriving cultural and education hub near Mumbai, in the western Indian state of Maharashtra is fast emerging as a data center destination, as Mumbai city itself has limited land and data center operators are looking for plots in nearby areas like Thane, Bhiwandi, Taloja, Navi Mumbai and beyond. Maharashtra was the first Indian state to come up with a data center policy, a move that has helped Mumbai become the largest data center market in India, and also find its place in the top five markets in Asia.
Two adjoining plots that comprise the land in question were initially leased to Swastik Rubber by the Maharashtra Industrial Development Corporation (MIDC) in 1967 and 1969. Swastik Rubber in turn leased these to Finolex Industries in 1982 for the remainder of the lease period. This also included the right to extend the lease by another 95 years in accordance with the terms of the lease deed. Terravista Developers has now acquired leasehold rights to this 25-acre property.
At present AdaniConnex, which is a joint venture between Adani Enterprises and US-based EdgeConnex, has one data center operating in Chennai, while others are in various stages of development in Hyderabad, Mumbai, Pune, NOIDA (near New Delhi) and Vizag. It has ambitious plans to develop 1 GW of data center capacity over the next ten years.
