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Canada Pension Plan Investment Board (CPP Investments) said on Wednesday that it would partner with India’s CtrlS Datacenters by investing 70 billion rupees ($740.54 million) in the company and related projects.
Here are some key details:
* CPP Investments said the partnership would support CtrlS’s expansion in India’s digital infrastructure market and help the company build data centre capacity to meet rising demand from cloud companies, artificial intelligence applications and the country’s growing digital economy.
* CPP Investments said it will invest 40 billion rupees to acquire an 8.2% stake in CtrlS.
* The company will also form a joint venture with CtrlS to develop data centre campuses across India, committing up to 30 billion rupees to the venture
* CPP Investments is expected to own 48% of the JV, and CtrlS will hold the remaining 52%
* The deal comes at a time when India has seen a surge in hyperscale data centre construction led by US cloud majors such as Amazon, Microsoft and Alphabet’s Google, as New Delhi seeks to draw in investment in AI
* India’s data center market is projected to nearly double to $13.11 billion by 2034, fueled by digitalisation, cloud adoption and rising AI workloads, according to consulting firm IMARC Group
(Reporting by Mridula Kumar in Bengaluru; Editing by Ronojoy Mazumdar)
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