CapitaLand India Trust (CLINT) has secured a five-year construction loan of INR13 billion ($214 million) from J.P. Morgan India to finance phase one development of its data centre in Navi Mumbai.
Securing this onshore loan in India reflects CLINT’s “disciplined capital management” through a diversification of its funding sources, while optimising the trust’s funding costs, says Sanjeev Dasgupta, CEO of the manager.
Wai Mei Hong, senior country officer and head of corporate banking for J.P. Morgan Singapore, adds: “The financing of CLINT’s data centre in Navi Mumbai reinforces our commitment to support the long-term growth strategies of our clients. CLINT’s project also helps to pivot the transformation of the digital economy in India.”
Construction of the data centre has commenced and is scheduled for completion by mid-2025. The data centre will have a power capacity of 108 megawatts (MW) to service global technology giants, cloud service providers and large domestic enterprise clients.
Navi Mumbai is a planned city adjacent to Mumbai, the de facto financial centre and the most populous city of India.
Besides its data centre in Navi Mumbai, CLINT currently has three other data centres under development in India.
See also: Changes in ICR, leverage to come into effect immediately, with additional disclosures in March
Units in CLINT closed 3 cents or 2.83% down at $1.03 on Nov 10.
