India / Bhārata: CapitaLand India Trust secures $155m loan for data center development

Nov 14, 2023 | Posted by Abdul-Rahman Oladimeji

Singapore's CapitaLand India Trust (CLINT) has secured a Rs 1,300 crore ($155.9m) five-year construction loan to develop its data center facility in Navi Mumbai. India. This fund, secured by J.P. Morgan India, will be used to finance the first phase of construction of the data center.

Sanjeev Dasgupta, CEO of CLINT, said, "Securing this onshore loan in India would diversify our funding sources and help us to optimize our funding costs.” The facility will have 108MW of power capacity once completed, and construction has already commenced on the site to be completed by mid-2025.

Wai Mei Hong, senior country officer and head of corporate banking for J.P. Morgan Singapore said, “The financing of CLINT’s data center in Navi Mumbai reinforces our 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.”