 "Singapore's CapitaLand secures $155 mn loan for data center in India")
Singapore's CapitaLand India Trust (CLINT) on Friday said it has secured a five-year construction loan of Rs 1,300 crore ($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.
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($1 = 83.3950 Indian rupees)
(Reporting by Nausheen Thusoo in Bengaluru; Editing by Varun H K and Sonia Cheema)