The Adani Group company Terravista Developers has acquired leasehold rights for a 25-acre land parcel in the Pimpri industrial zone of Pune’s Haveli locality from Finolex Industries for around Rs 471 crore. The company plans to develop a large data centre on this land.

Terravista Developers paid a stamp duty of over Rs 23.52 crore for the transaction registration on April 3, 2024.

The Maharashtra Industrial Development Corporation (MIDC) had originally leased the plots to Swastik Rubber, which further leased them to Finolex Group entities in 1982 for the balance lease period and the rights to renew the lease for an additional 95 years.

The Adani Group’s data centre business is led by AdaniConneX, a 50:50 joint venture between Adani Enterprises and US-based global hyperscale data centre provider EdgeConneX.

Formed in February 2021, the joint venture aims to develop and operate data centres across India, starting with Chennai, Navi Mumbai, Noida, Vizag, and Hyderabad markets.

AdaniConneX plans to develop 1 GW of data centre capacity over the next decade.

In recent years, AdaniConneX has made substantial investments totalling $1.5 billion and is currently in the process of securing an additional $400 million offshore loan.

The venture is establishing data centres in key locations like Visakhapatnam, New Delhi, Mumbai, and Chennai, with details of two data centres in Andhra Pradesh involving an aggregate investment of ₹21,844 crore released in May 2023.

The Adani Group aims to become one of the top three data centre operators by 2030, capitalising on India’s increasing digitisation and setting up data processing hubs overseas in the UAE, Singapore, Nepal, and Thailand.

The data centres being developed by Adani are designed to provide customised solutions with 5G connectivity, creating a comprehensive digital ecosystem.

India’s data centre market is witnessing significant growth, with investments totalling $10 billion since 2020 and a projected doubling of data centre stock to reach 20 million square feet by 2025, according to property consultant Colliers India.