NTT Global acquires 55 acres of land from Indian steel maker Mukand for $106 mn
Published 30 March 2021
Steel maker Mukand has completed the transfer of 55 acres of surplus leasehold land to NTT Global for $106 million.
The surplus leasehold land is at Thane, a district close to Mumbai and was sold to NTT Global Nav2 Pvt. Ltd.
“The realised amount will be utilised for debt repayment of the steel maker,” Mukand said in a letter to shareholders. Mukand had a total debt of almost $300 million. In December 2020, Mukand entered into an agreement for transfer of this 55 acres of land and the accompanying structures at the Trans Thane Creek Industrial Area (TTC Industrial Area), Dighe and Navi Mumbai.
For NTT Global, this is a part of its ongoing efforts to increase its data centre infrastructure play. In September last year, NTT Limited had said that is planning to invest $2 billion in the next four years for building additional data centres, solar parks and investing in its undersea cable network.
The investments will go into Data Centres, setting up of multiple solar parks, expansion into cities such as Mumbai, Chennai and Bengaluru and construction of the optical submarine cable, connecting Singapore, Myanmar and India. “We are increasing our footprint seeing a significant growth in demand for IT infrastructure related needs in the country,” Sharad Sanghi, CEO of NTT Ltd had said.
NTT Ltd’s Global Data Centers and Cloud Infrastructure division in India currently operates with 10 data centers across 4 major cities with 1.5 million sq. ft. and over 150 MW of power capacity. Apart from Mumbai, NTT India recently got allotted six acres of land for bringing up 70 MW of capacity data centre, again in the Greater Noida region in India’s most populated state- Uttar Pradesh.
According to 451 Research, the data center market is growing at 23 per cent CAGR due to increased demand from global cloud providers and a proposed data sovereignty law by the Indian government, as well as other geopolitical factors.