Is Adani raising more money for Indian data centre development?

Is Adani raising more money for Indian data centre development?

The giant Indian business conglomerate Adani Group’s data centre joint venture with EdgeConneX is reportedly in talks with a group of global lenders to raise as much as US$400 million via an offshore loan.

If it goes through it would be the company’s second such transaction in a little over six months. The data centre joint venture, AdaniConnex, raised US$213 million debt in June to build two data centres with a total capacity of 67MW.

According to Bloomberg, this is part of the Adani Group’s plans to spend about US$1.5 billion on this business in the next three years. The company hopes to build nine data centres and is targeting a total capacity of 1 gigawatt by 2030. About 17 MW capacity at Chennai is already fully operational; other data centres are being built.

AdaniConneX will use the money it is raising to fund its growth plans this year, although neither the sources interviewed by Bloomberg nor any Adani Group representatives have made an official comment on the matter.

It was in 2021 that Adani Enterprises Ltd partnered EdgeConneX in the AdaniConneX joint venture. A year later, India announced plans to classify data centres as infrastructure; these plans were expected to speed up the data centre development process.

Soon after this announcement, we reported that Adani Group had incorporated a new subsidiary to set up a data centre in Mumbai, one of a number of cities the group is targeting for data centre development.

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