Singapore’s CapitaLand India Trust (CLINT) has secured a five-year construction loan of INR13 billion ($157 million) from J.P. Morgan India to finance phase 1 development of its data centre in Navi Mumbai.
Securing this onshore loan in India reflects CLINT’s disciplined capital management through a diversification of its funding sources. According to the statement, construction of the data centre has commenced and is scheduled for completion by mid-2025.
The data centre will have a power capacity of 108 MW to service global technology giants, cloud service providers and large domestic enterprise clients.
Besides its data centre in Navi Mumbai, CLINT said it currently has three other data centres under development in India.
“CLINT remains disciplined in capital management. Securing this onshore loan in India would diversify our funding sources and help us to optimise our funding costs,” said Sanjeev Dasgupta, Chief Executive Officer of CapitaLand India Trust Pte. Ltd. (the TrusteeManager of CLINT).
Meanwhile, Wai Mei Hong, Senior Country Officer and Head of Corporate Banking for J.P. Morgan Singapore said the financing of CLINT’s data centre in Navi Mumbai reinforces the firm’s commitment to support the long-term growth strategies of our clients.
“CLINT’s project also helps to pivot the transformation of the digital economy in India,
“We are very pleased to have partnered with CLINT on this milestone and look forward to our continued collaboration,” she added.
CLINT may also develop and acquire land or uncompleted developments primarily to be used as business space, with the objective of holding the properties upon completion.