A Kotak Mahindra Bank arm on Tuesday announced that it has raised $590 million (about Rs 4,885 crore) for investments in the data centres in the country.
The statement said the fund is the first such dedicated platform to invest in data centres in the country, and added that it will be domiciled in GIFT City in Gujarat where entities receive a slew of benefits.
KIA’s executive director Rahul Shah said the current data centre capacity in India is significantly lower than the fast growing requirement.
“Being a high capex industry requiring significant capacity build up, we believe that there is a significant equity investment opportunity to back partners in creating capacities,” he said, adding that the fund will provide strategic risk capital to entities.
KIA’s managing director Srini Sriniwasan said India is at the cusp of a data revolution. “Digital Infra being built as a public good along with 5G roll out, Indians will be data rich before being financially rich!” he added.
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