CapitaLand secures $155 mn loan for data centre in India
Securing this onshore loan in India reflects CLINT’s disciplined capital management through a diversification of its funding sources.
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SINGAPORE: CapitaLand India Trust (CLINT) has secured a five-year construction loan of Rs 1,300 cr (approximately S$214 million, $155 mn) from JP 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.
Sanjeev Dasgupta, CEO, CapitaLand India Trust Pte Ltd (the TrusteeManager of CLINT), said: “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.”
Construction of the data centre has commenced and is scheduled for completion by mid-2025. It 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 currently has three other data centres under development in India.
Wai Mei Hong, senior country officer and head of corporate banking for JP Morgan Singapore said: “The financing of CLINT’s data centre in Navi Mumbai reinforces our commitment to support the long-term growth strategies...’’