A Rs 1,300-crore construction financing for a data center in Navi Mumbai has been secured by CapitaLand India Trust

 A Rs 1,300-crore construction financing for a data center in Navi Mumbai has been secured by CapitaLand India Trust

Update on real estate in Navi Mumbai: According to the business, work on the data center has started and is expected to be finished by the middle of 2025.

According to the company's announcement, the data center would have a 108 MW power capacity to serve major domestic business customers, cloud service providers, and international technological behemoths.

On November 10, CapitaLand India Trust (CLINT) announced that J.P. Morgan India had granted them a five-year construction credit for Rs 1,300 crore, or around S$214 million, to fund the first phase of the building of its data center in Navi Mumbai.

The business stated in a statement that obtaining this onshore loan in India is evidence of CLINT's rigorous capital management via a diversification of its financing sources.

"CLINT maintains its capital management discipline. “We would be able to optimize our funding costs and diversify our funding sources by securing this onshore loan in India,” said Sanjeev Dasgupta, CEO of CapitaLand India Trust Pte. Ltd., the Trustee-Manager of CLINT.

According to the firm, the data center's construction has started and is expected to be finished by the middle of 2025. With a 108 MW power capacity, the data center will be able to serve major domestic business customers, cloud service providers, and multinational technology companies. Three other data centers are now being developed by CLINT in India in addition to its Navi Mumbai data center.