The Adani Group’s company, Terravista Developers, has acquired the leasehold rights for a piece of land spanning over 25 acres in Pune’s Haveli locality, in the Pimpri industrial zone, for about Rs 471 crore from Finolex Industries.
The plan is to build a large data center on this land. Adani Group’s data center business is managed by AdaniConneX, a joint venture between Adani Enterprises and EdgeConneX, a US-based global hyperscale data center provider.
In February 2021, Adani Enterprises entered into a 50:50 joint venture with EdgeConneX to develop and operate data centers across India. The focus will be on constructing a network of hyperscale data centers in various cities like Chennai, Navi Mumbai, Noida, Vizag, and Hyderabad.
The alliance aims to develop 1 GW of data center capacity over the next decade.
Terravista Developers has paid stamp duty of over Rs 23.52 crore for the registration of the transaction that occurred on April 3, according to the registration documents accessed through CRE Matrix.
Originally, the Maharashtra Industrial Development Corporation (MIDC) leased two adjoining plots to Swastik Rubber Products between 1967 and 1969 for 95 years. Swastik Rubber then subleased these plots to entities of the Finolex Group in 1982 for the remaining lease period. Along with this, the rights to renew the lease for an additional 95 years were also transferred as per the lease deed. After certain subdivisions and adjustments in the land parcel, the leasehold rights of the plot have now been transferred to the Adani Group company.
ET’s email queries to Adani Group and Finolex Industries were unanswered at the time of reporting.
Investments are flowing into India’s data center markets, with over $13.5 billion planned and committed for their development. This indicates a growing preference for India among global data center majors.
The increasing interest can be attributed to data localization norms and the government’s proposed new data center policy aimed at simplifying the rules and providing necessary clearances and infrastructure in a timely manner.
India’s data center demand is expected to rise significantly due to factors like increasing data consumption, digitization of the economy, the advent of 5G, and data localization trends.
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