ICRA Assigns Stable Credit Ratings to Yotta Infrastructure

Credit rating agency ICRA has assigned AA- (Stable) rating for the proposed non-convertible debentures (NCDs) of NMDC Data Centre Private Limited (NMDC).

NMDC is part of Yotta Infrastructure – Hiranandani group’s data center business in India. The assigned rating for the proposed NCDs of NMDC factors in the strong track record of the Hiranandani Group with over four decades of experience in the real estate sector, including construction of large-scale IT buildings and data centres.

The Stable outlook on the [ICRA]AA- rating reflects ICRA’s opinion that NMDC will continue to benefit from the healthy demand prospects for data centers, strong leasing pipeline, and structural features of proposed debt instrument. Darshan Hiranandani, Chairman and Co-founder, Yotta, said:

“We are committed to participate in the Make in India and Digital India initiatives of Government of India by providing integrated services of colocation, cloud and a range of managed services to Indian and global companies. Yotta’s focus is on a scalable self-service model with a cloud based self-service portal which also provides a platform to store and access data in India.”

ICRA also weighed in the benefits from the Tier-IV certification of NM1 data center, with 99.995% uptime, which enables NMDC to command premium pricing vis-à-vis data centers with lower tier structures, the ratings agency said. NMDC campus is the largest single location data center in India spread across two towers (NM1 – 30.4 MW and NM2 – 35.2 MW capacities respectively).

NM1 is Asia’s largest and world’s second largest Tier IV data center demonstrating the highest degree of reliability in operations. It is India’s only Tier IV constructed data center facility with certification for its construction and operations.

The demand for data centers is expected to increase, driven by the Government’s initiatives such as Digital India, personal data protection bill, rapidly growing cloud computing, increasing internet penetration and adoption of new technologies such as 5G, IoT, amongst others.

Hiranandani further added that NMDC is Yotta’s flagship data center project showcasing the group’s delivery capabilities (construction, delivery, implementation, and Tier IV certification). The credit rating further validates our commitment and the credit worthiness of our flagship project (NM1). Yotta is committed is follow world’s best practices in technology, business practices, innovation and financing solutions,” he said.

The rating is provisional subject to completion of certain documentation for the proposed NCDs issuance by NMDC. WhiteBoard Financial Advisors And Management (WBFAM) is the sole Rating Advisor and Transaction Advisor for NMDC.

On November 1, Yotta Infrastructure launched North India’s first hyper-scale data center, Yotta D1, built at a cost of Rs 5,000 crore and an area of 3,00,000 square feet at the upcoming Data Centre Park in Greater Noida.


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