AdaniConneX is in the final stage of discussions to raise $900-950 million (₹7,500-7,920 crore) through a six-year offshore loan from a group of eight lenders, including MUFG Bank, Sumitomo Mitsui Banking Corp (SMBC) and Standard Chartered Bank, people with knowledge of the matter said.
The loan agreement is set to be signed early this week, one of the persons with direct knowledge of the details said.
AdaniConneX, an equally owned joint venture between Adani Enterprises and EdgeConneX, is looking to set up 1 GW of data centre capacity over the next decade in Hyderabad, Chennai, Noida and Pune. The company, which raised $213 million last year, needs to raise $5 billion by 2030 for this project as reported last week.
The other lenders in the loan syndicate are Societe Generale, Natixis, ING Bank, Intesa and KfW.
“Adani got over commitment of $2 billion for the loan and is closing the debt at $900 million to $950 million,” said the person cited earlier.
Spokespeople for Adani and Standard Chartered Bank did not respond to requests for comment. Other lenders could not be reached for comment immediately.
Last year, the company raised $213 million in a construction financing facility from ING Bank, Mizuho Bank, MUFG Bank, Natixis, Standard Chartered Bank and SMBC to fund the setting up of two data centres with an aggregate capacity of 67 MW: 17 MW at Phase 1 of its ‘Chennai 1’ campus and 50W in Noida.
Ratings firm Crisil estimates the data centre capacity in India to double from around 870 MW in FY22 to 1,700-1,800 MW by FY25.
The Adani Group entered the data centre business in 2021 by partnering with Edge Connex. The conglomerate, which runs big ports and airports in India, is planning to make its data centre business bigger.
In March, it raised $409 million through 18-year US dollar notes under Adani Green Energy Twenty-three Ltd, a 50:50 JV between Adani Green Energy and TotalEnergies. The fund was raised at 6.7%.
