J.P. Morgan India has granted India Trust (CLINT) a five-year construction loan of Rs 1300 crore to fund phase one of the development of its data centre in Navi Mumbai. CLINT's disciplined capital management through diversification of funding sources is reflected in the acquisition of this onshore loan in India.
"CLINT remains disciplined in capital management," said Sanjeev Dasgupta, Chief Executive Officer of CapitaLand India Trust Pte. Ltd. (the Trustee-Manager of CLINT). Securing this onshore loan in India would help us diversify our funding sources and reduce our funding costs."
CapitaLand has already begun construction on the data centre, which is expected to be completed by mid-2025. The data centre will have a 108 MW power capacity to serve global technology behemoths, cloud service providers, and large domestic enterprise clients.
CLINT currently has three other data centres in India under construction, in addition to its Navi Mumbai data centre.
"The financing of CLINT's data centre in Navi Mumbai reinforces our commitment to support our clients' long-term growth strategies," said Wai Mei Hong, Senior Country Officer and Head of Corporate Banking for J.P. Morgan Singapore. CLINT's project also contributes to the pivoting of India's digital economy. We are delighted to have collaborated with CLINT on this significant achievement and look forward to our continued collaboration.