CapitaLand India Trust (CLINT) has secured a five-year construction loan of INR13 billion ($157 million) from J.P. Morgan India to finance phase 1 development of its data center in Navi Mumbai. Securing this onshore loan in India reflects CLINT’s disciplined capital management through a diversification of its funding sources.
Construction of the data center has commenced and is scheduled for completion by mid-2025. The data center will have a power capacity of 108MW to service global technology giants, cloud service providers and large domestic enterprise clients. Besides its data center in Navi Mumbai, CLINT currently has three other data centers under development in India.
“CLINT remains disciplined in capital management. Securing this onshore loan in India would diversify our funding sources and help us to optimize our funding costs,” said Sanjeev Dasgupta, CEO of CapitaLand India Trust, the trustee-manager of CLINT.
Wai Mei Hong, senior country officer