Digital Edge DC in talks to raise ₹2,400 cr for Mumbai project
Digital Edge DC, a National Investment and Infrastructure Fund (NIIF)-backed entity to fund part of its data centre project in Navi Mumbai, indicating higher preference among lenders to fund secured assets.
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The discussions are at a primary stage and a decision will be made by the end of this month, according to people familiar with the matter.
Among domestic lenders, State Bank of India (SBI), Axis Bank, Yes Bank and government-backed National Bank for Financing Infrastructure and Development have given separate offers to charge all costs of around 9.2% for a term of 15 years. Foreign lenders, including DBS, MUFG, SMBC and Credit Agricole, have collectively offered a tad higher all-in cost of 9.9% for seven years.
Digital Edge DC, a joint venture of NIIF, Digital Edge (Singapore) Holdings and AGP DC, is seeking to finance its 48 MW, part of the Greenfield 300 MW hyperscale data center in Navi Mumbai. The project is funded by a combination of debt and equity. While the term loan component will be ₹2,400 crore, equity component is likely to be ₹ 2,000 crore. The 47-acre site, where construction began in early 2023, is being built in seven-eight phases.
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