CapitaLand, Singapore, Secures $155M Loan for Indian Data Center

11 Nov, 2023

CapitaLand, Singapore, Secures $155M Loan for Indian Data Center

CapitaLand India Trust (CLINT), based in Singapore, recently confirmed securing a substantial five-year construction loan amounting to Rs 1,300 crore, approximately $155.9 million. The primary objective behind this significant financial arrangement is to facilitate the development of a state-of-the-art data center located in Navi Mumbai, India.

J.P. Morgan India extended this loan facility specifically for the initial phase of constructing the data center, which is anticipated to possess a robust power capacity of 108 megawatts. The center is strategically positioned to cater to a diverse clientele, including global technology giants, cloud service providers, and large domestic enterprise clients within the Indian market.

The CEO of CLINT, Sanjeev Dasgupta, emphasized the significance of obtaining an onshore loan in India. This move is intended not only to ensure diversified funding sources but also to optimize the overall funding costs associated with this ambitious data center project.

The construction of this significant infrastructure endeavor has already commenced and is projected to reach completion by mid-2025. However, the Navi Mumbai data center is not the sole focus of CLINT's expansion strategy in India. The company is concurrently developing three additional data centers across the country, showcasing a strong commitment to scaling up its presence in the thriving Indian data infrastructure market.