Hiranandani group to raise Rs 3,100 crore via debt for data centre biz

The company will maintain Rs 150 crore in interest service reserve account (ISRA)

Hiranandani group entity NMDC Data Centre Private Limited (NMDC) will raise up to Rs 3,100 crore through debentures for capital expenditure on digital infrastructure and retire old loans etc.

Rating agency ICRA has assigned “AA-” rating for the proposed non-convertible debentures (NCDs). The rating NMDC factors in the strong track record of the Hiranandani Group in the real estate sector, including the construction of large-scale IT buildings and data centers (DC).

During 2012-2022, the Group constructed four DCs for NTT Global Data Centers & Cloud Infrastructure India Private Limited (NTT) and forayed into DC development and management business in 2019.