Singapore's CapitaLand India Trust secures $155 mln loan for data center in India (updated)

CapitaLand India Trust

10/11/2023 10:01

(Adds details of loan facility and data center in paragraph
2-6)
       Nov 10 (Reuters) - Singapore's CapitaLand India Trust
(CLINT)  CAPC.SI  on Friday said it has secured a five-year
construction loan of 13 billion rupees ($155.9 million) to
finance the development of its data center in the Indian city of
Navi Mumbai.
    The loan facility, which has been secured from J.P. Morgan
India, will be used for the phase 1 development of the data
center, the company said in a statement.  
    Once completed, the unit will have a power capacity of 108
megawatt, and will be used to service global technology giants,
cloud service providers, and large domestic enterprise clients. 
    "Securing this onshore loan in India would diversify our
funding sources and help us to optimise our funding costs." said
Sanjeev Dasgupta, CEO of CLINT. 
    Construction has commenced and is scheduled for completion
by mid-2025, CLINT said. 
    Besides the data center in Navi Mumbai, CLINT currently has
three other data centers under development in the country. 
        
  
($1 = 83.3950 Indian rupees)

 (Reporting by Nausheen Thusoo in Bengaluru; Editing by Varun H
K and Sonia Cheema)
 ((Nausheen.Thusoo@thomsonreuters.com;))