Yondr Group and private investment firm Everstone Group have formed a joint venture to develop data centers in India. The joint venture will operate under the name EverYondr, and it will have its first data center in India. The Companies have already acquired land and power for developing the data center in the Mumbai Metropolitan Region. EverYondr says the Mumbai facility will deliver 30MW of IT capacity by 2023 and 60MW upon full buildout.
Everstone Group and Yondr Group will invest an initial $1 billion to develop hyperscale data center facilities in India. Everstone Group is the largest industrial real estate developer in India, with over 47 million square feet in development. CEO of Yondr Group, Dave Newitt, said EverYondr’s acquisition of land in the Mumbai Metropolitan Region shows its commitment to developing data centers in the region. He further added that Everstone’s deep insight into the Indian market would be an added advantage.
SINGAPORE / MUMBAI — July 27, 2021 — Yondr Group, a global leader, developer, owner operator and service provider of hyperscale data centers, today announced it has formed a strategic joint venture partnership with Everstone Group (Everstone). Operating under the brand name EverYondr, the first facility located in the Mumbai Metropolitan Region, for which land and power have already been acquired, will deliver 30MW by 2023 and 60MW of IT capacity when fully developed.
Everstone is a leading private investment firm across private equity, real estate, green infrastructure, credit and venture capital. Its real estate arm, Indospace, is India’s largest industrial real estate developer in India with over 47 million square feet under development. Yondr is a privately owned data center developer, owner operator with a significant track record in delivering hyperscale capacity with presence in Europe, the Asia-Pacific region and the Americas.
The joint venture, with an initial capitalisation of USD 1 billion will support hyperscale clients and service the rapidly growing Indian market, the size of which is projected to exceed USD 4.5 billion by 2025. The investment will be used to fund the development and operation of multi-locational hyperscale data center business across important geographies in India, including but not restricted to the metros of Mumbai Metropolitan Region, Hyderabad, Bangalore, Chennai and National Capital Region (Delhi).
In recent years India has undergone significant digital transformation, with active internet user numbers reaching 525 million in 2019, representing an annual growth of 19.2 percent. Low cost smartphones and cheap data tariffs have further compounded the shift to digital, with data consumption increasing 37-fold, from 0.26GB to 9.8GB per user between 2014 and 2018. With a population of more than 1.3 billion and data consumption per user forecast to reach 18GB per user by 2024, India represents a major market opportunity, surpassed only by the US and UK.
Starting with the Mumbai Metropolitan Region, the venture will deliver a portfolio of facilities at true hyperscale, significantly propelling India’s IT and power capacity to meet the growing demand from public cloud providers and end users at scale.
Sameer Sain, Co-Founder & Chief Executive Officer of Everstone Group, adds, “To meet the accelerated pace of cloud adoption, hyperscale companies are increasingly looking to credible partners to help realise their expansion needs. Yondr’s global experience combined with Everstone’s strong execution capabilities in India, will provide clients with a credible and consistent choice.”
Dave Newitt, CEO at Yondr Group, comments, “EverYondr’s early acquisition of its first campus in the Mumbai Metropolitan Region reinforces our commitment to the region. Unlike other mature hyperscale markets, data centers in India require a proactive approach to development and a streamlined delivery process. As a business, our mission is to help clients meet their data center capacity and technical real estate needs, faster and with better performance outcomes than anyone else. Collaborating with a specialised and trusted partner like Everstone will enable us to continue to deliver on that promise in the Indian market that is critically under-served today. Bringing together Everstone’s deep knowledge of the Indian market and Yondr’s technical expertise and track record in developing capacity at scale, this joint venture will deliver unrivalled value to our hyperscale clients.”
