Top 7 Investment Firms Revolutionizing India's Data Centre Market

India’s data centre capacity is projected to increase fivefold to 8GW by 2030, requiring a substantial $30 billion in capital expenditure, according to a Jefferies report. This growth is driven by advancements in AI, cloud adoption, and data localisation. Mumbai and Chennai lead the way, accounting for nearly 70% of installed capacity. This unprecedented expansion has attracted significant investments from major global private equity firms and institutional investors, positioning India as one of the world’s fastest-growing digital infrastructure markets.

Leading Global Private Equity Firms

1. Blackstone The world’s largest data provider is making its biggest move in India by investing $11 billion in data centre infrastructure. Through its Lumina CloudInfra platform, Blackstone has invested around ₹50,000 crore across multiple projects. A ₹20,000 crore joint venture with Panchshil Realty to develop a 500 MW hyperscale facility in Navi Mumbai, with over $600 million in investments. Blackstone CEO Stephen Schwarzman has described India as “just the start” of the data centre industry, highlighting the firm’s long-term commitment to doubling its total investment exposure in India to $100 billion.

Key area focus : Real estate, technology, infrastructure

2. Brookfield Brookfield has invested $13 billion in India since 2009 and continues to expand its digital infrastructure footprint. The firm operates through Digital Connexion, a joint venture with Reliance Industries and Digital Realty Trust, where each partner holds 33.33% equity. This partnership is developing hyperscale data centres in Chennai and Mumbai with a cumulative IT capacity potential of 160 MW at full development. Brookfield’s first 20 MW greenfield data centre in Chennai became operational in January 2024. The Canadian asset manager has also invested $2.5 billion in infrastructure projects and views data centres as a critical component of its digitalization strategy across India.

Key area focus : Gas pipelines, telecom towers, and power assets

3. Carlyle Group Carlyle acquired a 24% stake in Nxtra Data (Bharti Airtel’s data centre subsidiary) for around ₹1,780 crore. This investment has grown substantially, with the stake now valued at around ₹5,125 crore ($600 million), representing approximately 3x returns. Nxtra operates 12 hyperscale data centres, 10 enterprise-grade facilities, and over 120 edge data centres across India with rapid expansion plans to add 400 MW of capacity by 2027. While Carlyle is reportedly exploring an exit from this investment, the deal demonstrates the strong value creation potential in India’s data centre sector.

Key area focus : Healthcare, IT, financial services

4. KKR & Co Kohlberg Kravis Roberts & Co has announced a $50 billion strategic partnership with Energy Capital Partners to develop data centre and power generation infrastructure, with a portion earmarked for Asia-Pacific markets including India. KKR already owns a 14.1% stake in ST Telemedia Global Data Centres (STT GDC) after investing $1.4 billion alongside Singtel in 2024. The STT GDC operates 30 data centres in India, making this potential acquisition highly strategic for the Indian market.

Key area focus : Healthcare, technology, and consumer goods

5. Bain Capital Bain Capital entered the Indian data centre market in 2016 through Bridge Data Centres, committing $1 billion with plans to deploy $400-500 million in India over the initial two years. In 2019, Bain Capital merged ChinaData with Bridge Data Centres to form a pan-Asian platform operating under both brands. In September 2025, Bain Capital sold its China data centre business to a consortium for $4.4 billion, though it continues to maintain its India and Southeast Asia operations.

Key area focus : Financial services, manufacturing, IT

Sovereign Wealth Funds and Institutional Investors

1. GIC (Singapore) GIC has made its presence felt in India’s data centre ecosystem through various strategic alliances. In May 2023, the sovereign wealth fund struck a partnership with Brookfield Asset Management to create a joint venture with an India office worth $1.4 billion, covering investments in data centre-related infrastructure. GIC was the leading investor in the $1.6 billion investment round with ADIA into Vantage Data Centers, making it a strong player in the Indian market. GIC also created a more than $1.5 billion joint venture with CPPIB and Equinix for developing hyperscale data centres worldwide.

2. National Investment and Infrastructure Fund (NIIF) NIIF has been the main driver in bringing in international investors. NIIF entered into an alliance with Digital Edge (backed by Stonepeak) and AGP to create a nationwide hyperscale data centre portfolio, giving NIIF a 45% stake in the venture. The initial undertaking is a 300 MW plant in Navi Mumbai, which will cost around ₹1,400 crore for the first phase, to be further expanded to more than 300 MW in the next 7-8 years. NIIF’s presence gives access to the local market and brings in expertise and operators, reducing risk for international partners.

Running of PE and Institutional Investors in Indian Data Centre Market

| Rank | Investor/PE Firm | India-Specific Investment ($Billion) | Investment Type | Entities | |------|------------------|--------------------------------------|-----------------|----------| | 1 | Blackstone | $11.0 | Direct - Data Centres | Lumina CloudInfra | | 2 | Brookfield Asset Management | $12.0 | Direct - Infrastructure | Digital Connexion (with Reliance & Digital Realty) | | 3 | Adani Enterprises (EdgeConnex JV) | $1.5 | Data Centre Operations (JV) | AdaniConnX – 9DCs by 2030 | | 4 | Digital Edge (Stonepeak/NIIF/AGP) | $1.4 | Data Centre Development | Digital Edge DC India - 300 MW Navi Mumbai project | | 5 | Carlyle Group | $0.6 | Portfolio Investment (24% Nxtra stake) | Nxtra Data (Bharti Airtel subsidiary) | | 6 | Bain Capital | $0.4 | Bridge Data Centres India | Bridge Data Centres | | 7 | GIC (Singapore) | $0.16 | APAC investment (India component) | Vantage DC APAC investment ($1.6B total, India portion est.) |