CLINT secures ₹1,300-crore loan from JP Morgan
CapitaLand India Trust (CLINT) has secured a five-year construction loan of ₹1,300 crore from JP Morgan India to finance the Phase-1 development of its data centre in Navi Mumbai.
«Securing this onshore loan in India would diversify our funding sources and help us to optimise our funding costs,» said Sanjeev Dasgupta, chief executive of CapitaLand India Trust Pte Ltd.
CapitaLand has already started the construction of the data centre, which is scheduled for completion by mid-2025. The data centre will have a power capacity of 108 MW.
Besides this upcoming facility in Navi Mumbai, CLINT has three data centres under development in India.
CLINT, formerly known as Ascendas India Trust, was listed on the Singapore Exchange Securities Trading in August 2007 as the first Indian property trust in Asia.
Its principal objective is to own income-producing real estate used primarily as business space in India.
CLINT may also develop and acquire land or uncompleted developments.
As of September 30, it had S$2.7 billion of assets under management.
In the last five years, $14 billion has been invested in India's data centre sector, and the amount is expected to cross $20 billion by 2025, according to commercial real estate consultancy CBRE.
Demand for data centres in India is rising due to improved technology infrastructure and the adoption of new technologies like 5G, artificial intelligence, cloud and Internet of Things.
