On 24 March 2026, Princeton Digital Group announced a multi-site acquisition adding 210 MW of capacity in Mumbai and Hyderabad, taking its total operating and planned Indian capacity to about 1 GW and its cumulative India commitment to about US$2.5 billion. The sites came with power secured and key land approvals in place, which is why PDG says it can move faster than a greenfield developer. MU2 in Navi Mumbai is 120 MW on 10 acres and has broken ground; HY1 in Hyderabad is a 90 MW three-building campus.
1At a glance
Record ID
PRJ-025 — Gridvik India Data Centre Registry
Record
PDG multi-site India acquisition — 210 MW across Mumbai and Hyderabad
Operator
Princeton Digital Group, a Singapore-headquartered pan-Asian data-centre operator with a portfolio of over 1.8 GW across seven Asian countries
Announced
24 March 2026, from Mumbai
Capacity acquired
210 MW across two sites — a second Mumbai campus and PDG's first Hyderabad campus
Resulting India total
About 1 GW of operating and planned capacity, per PDG. Named campuses are itemised below
India commitment
About US$2.5 billion cumulative, up from about US$1 billion committed in September 2024
Site readiness
Power secured and key land approvals in place — the basis of PDG's claim to a faster ready-for-service timeline than greenfield competitors
Record type
portfolio_acquisition — never summed with the site records it contains
Gridvik tier
A — procurement-relevant. A funded, fast-moving hyperscale builder with two live construction programmes in India
2The 210 MW and the gap to 1 GW
PDG's announcement says 210 MW was acquired and that this takes the company to about 1 GW in India. Both statements are from the company. The three campuses it names publicly add up to considerably less.
| Item | Capacity | Basis |
|---|---|---|
| MU1 — Navi Mumbai, Airoli | 150 MW | Five-building campus, published on PDG's own site |
| MU2 — Navi Mumbai | 120 MW | Acquired March 2026 · five-storey · 10 acres |
| HY1 — Hyderabad | 90 MW | Acquired March 2026 · three buildings |
| Named total | 360 MW | Fully attributable |
| Claimed India total | ~1,000 MW | Operating plus planned |
| Unattributed | ~640 MW | Not publicly itemised |
Gridvik read — 640 MW is unaccounted for, not missing
This is not a claim that PDG is overstating. It is a statement that about 640 MW of its Indian pipeline is not visible in public sources as a named campus.
The likely explanation is the September 2024 acquisition of 500 MW of powered land across India, Malaysia and Indonesia, part of which is in India and none of which has been broken out publicly by site. Further land banking is probable given PDG's stated ambition.
Why this matters to a vendor: a vendor planning coverage from PDG's press releases will see 360 MW. The real programme may be nearly three times that. The named, dated, ground-broken capacity is MU2 — and MU2 is where the orders are.
3MU2 — Navi Mumbai
Location
Navi Mumbai, in the Mumbai Metropolitan Region — India's largest data-centre market, with about 890 MW of live capacity and roughly 1,726 MW of pipeline as of H1 2026
Capacity
120 MW of IT capacity in a single five-storey building
Land
10 acres
Colocation area
18,880 sqm, about 203,220 sq ft
Design
Purpose-built for hyperscaler large-scale deployments — a single-building, high-density format rather than a multi-tenant retail colocation layout
Status
Under construction. Land acquired and groundbreaking marked in April 2026, weeks after the announcement
What that speed tells you
PDG went from acquisition announcement to construction start in under a month, which is the practical meaning of "power secured and key land approvals in place". For a vendor, it compresses the entire order window
What is not published
Design PUE, rack density, cooling architecture, redundancy scheme, substation rating, tenants and delivery date
4HY1 — Hyderabad
Location
Hyderabad, within an established data-centre corridor and a designated electronics and hardware manufacturing zone for non-polluting activities
Capacity
90 MW
Configuration
A three-building campus — a different development shape from MU2's single building
Site attributes
Airport access, and positioned outside active flight paths. PDG's disclosure of flight-path position is unusually specific and reflects a real constraint in Hyderabad's corridor
Status
Land and power approvals secured as of March 2026. No construction start reported
Market context
Hyderabad had about 151 MW of live capacity and 710 MW of pipeline in H1 2026 — the largest growth multiple of the four major Indian markets, from a smaller base
Competitive position
HY1 enters a city where Microsoft, AWS, NTT, CtrlS, Sify and AdaniConneX are all building. Being later is not necessarily a disadvantage if the land and power are better — but it does mean competing for tenants against operators with existing local supply
What is not published
Building-level capacity split, acreage, phase schedule, cooling design, tenants
5The funding behind it
2025 capital raise
US$2.5 billion in total across equity and debt, comprising a US$1.3 bn preferred equity investment from Stonepeak and a US$1.2 bn debt financing
2026 debt plan
PDG said in March 2026 that it planned to raise up to US$5 billion of debt to fund its hyperscale build-out
Use of proceeds
Pan-Asian expansion, of which India is a named priority. India is one of seven Asian countries in the portfolio
Sustainability financing
PDG cites IGBC Platinum-certified facilities, renewable energy procurement and green financing structures. MU1 at Airoli is Mumbai's first IGBC Platinum data centre and India's first Open Compute Project Ready data centre
A sustainability note worth knowing
PDG has partnered with Flexidao and Tata Power Renewables to pilot time-matched carbon-free energy at its Mumbai campus — hourly matching rather than annual matching. That is a materially harder standard than most Indian operators claim, and it changes how renewable procurement is contracted
What the funding means commercially
A dedicated, ring-fenced capital pool and an announced debt programme. This is a buyer with money in hand, not a developer seeking a partner
Cost per MW of the acquisition
The 210 MW acquisition price was not disclosed. Any per-MW figure derived from the US$2.5 bn cumulative India commitment would be meaningless, because that money covers 1 GW of operating and planned capacity plus land
6Timeline
- PDG enters the Indian market.
- PDG commits about US$1 billion to Indian expansion in Mumbai and Chennai, and acquires 500 MW of powered land across India, Malaysia and Indonesia.
- Stonepeak signs a US$1.3 bn preferred equity investment in PDG, which together with a US$1.2 bn debt financing brings 2025 capital raised to US$2.5 bn.
- PDG announces a multi-site acquisition adding 210 MW in Mumbai and Hyderabad, taking India operating and planned capacity to about 1 GW and the cumulative India commitment to about US$2.5 bn. Power secured and key land approvals in place.
- Groundbreaking on MU2 in Navi Mumbai — 120 MW, five storeys, 10 acres, 18,880 sqm of colocation space.
- PDG signals a planned debt raise of up to US$5 bn to fund the hyperscale build-out.
- HY1 construction start, MU2 ready-for-service date, and the identity of the capacity behind the unstated ~640 MW
7Procurement
Read this before the table
Two live programmes, funded, with power secured and one already in construction. This is the fastest-moving hyperscale account in India outside the big three cloud operators. Everything below is a Gridvik estimate.
Procurement window and scope
Gridvik assessment · 22 Oct 2026
Order window
2026 to 2028. MU2 broke ground in April 2026, which places major equipment orders in 2026–2027 and fit-out in 2027. HY1 follows once it breaks ground, with no date published.
Procurement heat
High. Ring-fenced capital, a stated US$5 bn debt programme, hyperscaler-grade requirements and a demonstrated ability to move from announcement to groundbreaking in under a month.
Who buys
PDG centrally, through its India management and PDG's group engineering standards. PDG is a Singapore-headquartered hyperscale specialist rather than an Indian incumbent, which in practice means a smaller, faster-moving vendor panel than NTT or STT GDC — and a more realistic chance for a new supplier
DG / gensets (indicative)
MU2 at 120 MW with N+1 redundancy implies roughly 150–180 gensets of 2,000–2,250 kVA class. HY1 at 90 MW adds roughly 110–135
UPS (indicative)
Hyperscale single-building designs increasingly use distributed and rack-level power. MU2's five-storey, 120 MW single-building format suggests high-density floors, where rack-level battery reduces centralised UPS content per MW
Cooling (indicative)
PDG describes MU1 as having a flexible design accommodating high rack density and hybrid cooling needs. Expect MU2 to go further: hybrid cooling implies both chilled water and liquid cooling provision in the same building, which is the current design answer to uncertain AI tenant requirements — and it means both cooling categories are in scope on one order
Categories in scope
HV/MV switchgear and substations · DG and gensets · distributed power and rack battery · UPS · PDUs and busway · chillers, CRAH and dry coolers · CDUs and liquid cooling · high-density racks and containment · structured cabling and optics · fire and suppression · leak detection · BMS/DCIM · water treatment · renewable PPAs with time-matching capability
Decision role
Public decision roles — in GridFeed
Stage-change history
Dated change log — in GridFeed
All estimates are labelled as estimates. No tender dates claimed, no private contact data published.
Unlock GridFeed →
8Assumptions and method
What is sourced
The acquisition size and date, the site readiness claim, MU2 and HY1 capacities and configurations, MU2 land and colocation area, the groundbreaking, the ~1 GW India total, the US$2.5 bn commitment, the Stonepeak and debt financing, MU1 capacity and certifications
What is derived
The 360 MW named total, the ~640 MW unattributed gap, and the procurement section
The 120 + 90 reconciliation
Recorded as arithmetic, not as fact. MU2 at 120 MW plus HY1 at 90 MW equals the 210 MW acquired, which is almost certainly the right allocation — but PDG's release does not state it. The registry does not treat a coincidence of arithmetic as proof
Additivity rule
Non-additive. Portfolio acquisition. The site records for MU2 and HY1 sit inside this number and are held separately — PRJ-062 for MU2 and PRJ-026 for HY1. None is summed with this record
Capacity basis
All figures are IT load as stated by PDG
9Limits and open questions
The 640 MW gap
The central finding. Three named campuses total 360 MW against a claimed ~1 GW. The remainder is not publicly itemised
MU2 delivery
No ready-for-service date published
HY1 schedule
No construction start, phase schedule or delivery date
Design detail
No PUE, rack density, redundancy scheme or cooling architecture published for either campus
Tenants
None named. Both sites are described as hyperscaler-oriented but no lease is disclosed
Acquisition price
Not disclosed
The 500 MW land
The September 2024 acquisition of 500 MW of powered land across three countries has never been broken out by site
What we will not claim
No delivery dates, no tenants, no design specification, and no assertion that the ~640 MW gap represents a specific set of sites
10Sources
This record was compiled entirely from publicly available sources, cross-checked against one another.
PDG press releases·PDG India and where-we-operate pages·DatacenterDynamics·Moneycontrol·Economic Times·ET Telecom·ET Enterprise AI·Construction Week India·The Hans India·Mingtiandi·w.media·PR Newswire (Stonepeak)·PitchBook·WebHosting.Today·DataM Intelligence
Gridvik does not publish source URLs on record pages; citations are retained in the internal source register and are available on request.
What this page is, and what it is not
This is a public-source record of an acquisition and the two campuses it created. Capacity, dates and financing are attributed to PDG and the outlets that reported them.
The procurement section is labelled as estimation. No tender insider information, no private contact data, no operator-paid placement. Corrections are free and published with a date.