Adani Enterprises to expand data center business, plans to invest $5 billion: Report
New Delhi: Billionaire Gautam Adani’s flagship company Adani Enterprises Limited (AEL) is preparing to expand its data center business. According to an Economic Times report, AdaniConneX, the joint venture between AEL and Sweden’s EQT-owned EdgeConneX, plans to invest $5 billion over the next five years.
The report said that more than half of this investment can be allocated within this year only. In this, promoter equity infusion is expected to be about a quarter of the total investment.
By 2030, AdaniConneX aims to develop 1 GW of data center capacity. The company is currently in discussions with several international banks to secure offshore loans in the $1.2-1.4 billion range to support its ambitious growth plans. The report said the transaction is expected to be finalized in the coming weeks.
According to an investor presentation on November 2, joint venture firm AdaniConnex had raised $213 million in debt in June. While AdaniConnex has only one operational data center in Chennai so far, it has completed about two-thirds of construction at its Noida and Hyderabad facilities. At the same time, Phase 2 development of Chennai is also going on while land acquisition is going on for Hyderabad and Navi Mumbai.
