CapitaLand, one of Asia’s largest diversified real estate groups and a data center major, has announced that it has secured funding to build its newest data center in Navi Mumbai. The facility’s construction is likely to be completed by 2025.
CapitaLand India Trust (CLINT) has secured a five-year construction loan of Rs 1300 crores (or US$156 Million approx.) from J.P. Morgan India to finance phase 1 development of its data centre in Navi Mumbai.
According to a statement released by the company, “Construction of the data centre has commenced and is scheduled for completion by mid-2025. The data centre will have a power capacity of 108 MW to service global technology giants, cloud service providers and large domestic enterprise clients.”
“CLINT remains disciplined in capital management. Securing this onshore loan in India would diversify our funding sources and help us to optimise our funding costs,” said Sanjeev Dasgupta, Chief Executive Officer of CapitaLand India Trust Pte. Ltd. (the Trustee- Manager of CLINT).
Wai Mei Hong, Senior Country Officer and Head of Corporate Banking for J.P. Morgan Singapore said, “The financing of CLINT’s data centre in Navi Mumbai reinforces our commitment to support the long-term growth strategies of our clients. CLINT’s project also helps to pivot the transformation of the digital economy in India. We are very pleased to have partnered with CLINT on this milestone and look forward to our continued collaboration.”
Besides its data centre in Navi Mumbai, CLINT currently has three other data centres under development in India in Bangalore, Chennai, and Hyderabad. In fact, the launch of the new facility in Hyderabad was announced just this September. The new 40 MW facility will come up at the newly redeveloped International Tech Park Hyderabad (ITPH) located in Madhapur in the heart of the city’s IT corridor.
CapitaLand currently has 26 data centers in Asia and Europe. Its data center portfolio totals USD 6 billion in assets under management and over 500 MW of power.
