CapitaLand India Trust has tied up a five-year construction loan of Rs 1,300 crore (around 214 million Singapore dollars) from JP Morgan India to finance the first phase of the development of its data centre in Navi Mumbai.
Securing this onshore loan reflects CapitaLand’s disciplined capital management through diversification of its funding sources, it said in a statement.
Construction of the 108 MW data centre has commenced and is scheduled for completion by mid-2025. The data centre will service global technology giants, cloud service providers and large domestic enterprise clients.
Singapore-listed CapitaLand India Trust is also developing three other data centres in India. Its assets under management were at Rs 16,527 crore as of September 30.
“CLINT remains disciplined in capital management. Securing this onshore loan in India would diversify our funding sources and help us optimise our funding costs,” said Sanjeev Dasgupta, Chief Executive Officer of CapitaLand India Trust Pte.
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JP Morgan Singapore’s senior country officer and head of corporate banking, Wai Mei Hong, said, “CLINT’s project also helps to pivot the transformation of the digital economy in India.”