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Image Credits:Jason Marz \/ Getty Images <\/p>\n Image Credits:Jason Marz \/ Getty Images <\/p>\n
As global investors race to fund the infrastructure underpinning the artificial-intelligence boom, Canada Pension Plan Investment Board\u2019s CPP Investments has committed up to \u20b970 billion (about $741 million) to Indian data center operator CtrlS, betting on India\u2019s growing role in the global buildout of cloud and AI infrastructure.<\/p>\n
Under the partnership announced on Wednesday, CPP Investments will invest \u20b940 billion (around $423 million) to acquire an 8.2% stake in CtrlS and commit up to \u20b930 billion (about $317 million) to a joint venture to develop hyperscale data center campuses across India.<\/p>\n
CPP Investments will own 48% of the joint venture, while CtrlS will hold the remaining 52%, the companies said in a joint statement.<\/p>\n
Founded in 2007, CtrlS operates more than 15 data centers<\/a> across India. The Hyderabad-based company has been expanding its footprint to meet rising demand from cloud providers, enterprises, and AI workloads.<\/p>\n India has become a major destination for data center and AI investments as global technology companies and investors ramp up spending to meet surging computing demand. Companies including Amazon<\/a>, Google<\/a>, Microsoft<\/a>, OpenAI<\/a>, and Uber<\/a> have announced investments in the country in recent months, while operators are rapidly expanding capacity amid a broader global race to build AI infrastructure.<\/p>\n \u201cAs one of the world\u2019s fastest-growing digital markets, India represents an important pillar of our global data center strategy,\u201d said CPP Investments\u2019 global head of real assets Max Biagosch in a statement.<\/p>\n CPP Investments, Canada\u2019s largest pension investor, has been investing in India since 2009 and had net assets of about $20 billion in the country as of March 31, making it one of the largest foreign institutional investors in the market.<\/p>\n The investment builds on CPP Investments\u2019 broader push into digital infrastructure. The pension fund said it has invested in the data center sector since 2017 and has built a portfolio of assets and joint ventures across major markets worldwide.<\/p>\n The partnership will help CtrlS expand capacity and build infrastructure tailored for AI workloads, said CtrlS founder and chief executive Sridhar Pinnapureddy.<\/p>\n The CPP-CtrlS deal is the latest in a string of investments targeting India\u2019s data center sector. Earlier this month, Blackstone-backed AirTrunk<\/a> said it would invest $30 billion to build five gigawatts of data center capacity in India by 2030. Meta<\/a>, meanwhile, partnered with Reliance Industries last week on a 168-megawatt AI-enabled data center in the western state of Gujarat.<\/p>\n New Delhi has sought to position India as a global hub for digital infrastructure through a range of policy measures, including tax exemptions for foreign cloud providers<\/a> on services sold overseas through 2047, provided those workloads are run from data centers located in the country.<\/p>\n Indian conglomerates have also accelerated expansion plans to capitalize on the opportunity. Adani Group<\/a> and Tata Consultancy Services<\/a> are among the companies that have unveiled major data center projects aimed at supporting AI and cloud workloads. In 2023, CtrlS announced plans to invest $2 billion<\/a> over six years to expand its data center footprint across India.<\/p>\n India\u2019s growing role in AI infrastructure has not yet been matched by similar progress in developing frontier AI models. While the country has a handful of startups building indigenous AI models, including Sarvam<\/a>, much of the underlying AI technology used by Indian companies continues to be supplied by U.S. firms<\/a>.<\/p>\n