PUN 2 at Hinjewadi is listed by Nxtra by Airtel at 17 MW of IT power across 4,000 racks — 4.25 kW a rack, PUE below 1.55. It is the largest cabinet count in Pune. It is also the building that settles a five-year-old question: in 2021 the operator described a Pune campus of 21 MW across 2,200 racks. Today the two Hinjewadi cards add to exactly 21 MW — and 5,000 racks. The power never changed. The cabinets more than doubled.
1At a glance
2The same megawatts, twice the cabinets
In December 2021, in the disclosure around a $673 million Nxtra expansion programme, the company described its Pune II facility as 21 MW of IT power across 2,200 racks and 200,000 square feet. Five years later the operator’s own page lists two Hinjewadi buildings: 17 MW across 4,000 racks and 4 MW across 1,000 racks.
| Measure | 2021 disclosure | 2026 cards | Change |
|---|---|---|---|
| IT power | 21 MW | 17 + 4 = 21 MW | none |
| Racks | 2,200 | 4,000 + 1,000 = 5,000 | +127% |
| Average density | 9.5 kW | 4.2 kW | −56% |
| Floor area | 200,000 sq ft | not stated | — |
| Buildings | one campus | two named buildings | split |
Nothing here is a contradiction. A campus of a stated power can be divided into two buildings and fitted with more, smaller cabinets over time, and 21 MW stays 21 MW. What changed is the product. A 9.5 kW average cabinet in 2021 was a modern, fairly dense hall; a 4.2 kW average in 2026 is a hall being sold to enterprises that buy small.
That is the useful inference, and it cuts against the AI narrative. While the company announces AI campuses with racks up to 130 kW, its existing Pune capacity has moved in the opposite direction — toward more cabinets at lower average density. The megawatts are the same; the revenue per megawatt is not, because low-density cabinets earn less per kilowatt than dense ones.
17 MW is a number a lender can underwrite. 4,000 racks is a number an operator can monetise, because cabinets are what customers rent.
Same power, 127% more units of sale: that is a revenue decision, not an engineering one.
3Hinjewadi Phase 3
Hinjewadi is Pune’s software park — the Rajiv Gandhi Infotech Park, three phases of it, twenty kilometres west of the city centre and roughly 29 kilometres from the airport. The data centre buildings sit inside the campus rather than on a dedicated site, which shapes what they are: enterprise colocation, not hyperscale shells.
| Neighbour | Capacity | What it tells you |
|---|---|---|
| Nxtra PUN 3 | 4 MW, 1,000 racks | the second Hinjewadi card, paired with this one |
| Nxtra PUN 4 | 24 MW, 2,500 racks | the densest Pune card, in the same park |
| Iron Mountain PUN 1 | 2 MW, 3,500 m² | a carrier-neutral hall with more than 100 customers, in the same corridor |
| NES Data | 5 MW built, 60 MW planned | a new entrant buying land in the park for a campus of up to 60 MW |
| Microsoft | 16.4 acres purchased | land for a campus of about a million square feet and 12,500 racks, announced |
| STT Pune | campus, two buildings | the incumbent that shares the city with Nxtra |
The neighbourhood is the argument for Pune. Three separate operators are building or planning inside one industrial park — Nxtra at 49.5 MW of cards, NES Data toward 60 MW, and Microsoft on sixteen acres. Pune is not a secondary market; it is a land-constrained one, and the constraint is the reason the density is climbing on the newest buildings.
417 MW in context
| Measure | Value |
|---|---|
| Nxtra Pune cluster | 49.5 MW across 8,750 racks |
| This building | 17 MW, 34% of the cluster |
| Nxtra’s five large clusters | 250.4 MW of facility cards |
| Operator’s national headline | 230+ MW of total power, 66 cities, 120+ edge sites |
| Share of national headline | about 6%, on one building |
| Nxtra valuation basis | $1 billion raised at about $3.1 billion, March 2026 |
| Implied value per megawatt of estate | about ₹91 crore a megawatt, on 300 MW and a ₹26,520 crore valuation |
The last row is arithmetic Gridvik does itself, and it is the number that makes the rest of this registry legible. At a $3.1 billion valuation against roughly 300 MW of capacity, the market is paying about ₹91 crore for every megawatt Nxtra operates. This single building is therefore worth roughly ₹1,550 crore on that basis.
It is not a valuation of the building — it is a valuation of the rental stream, the customer contracts and the position in the network. But it tells a reader something no press release does: a 17 MW hall in a Pune software park carries a nine-figure rupee price tag, and any tenant, vendor or buyer negotiating around it is negotiating around that number.
5Timeline
- A memorandum with Maharashtra’s industrial development corporation covers new campuses in Mumbai and Pune
- A $673 million programme describes Pune II as 21 MW of IT power across 2,200 racks and 200,000 square feet, in Hinjewadi
- The operator lists PUN 2 at 17 MW across 4,000 racks with a declared PUE below 1.55
- Airtel raises $1 billion for Nxtra at about $3.1 billion, targeting 1 GW from roughly 300 MW
- The Hinjewadi pair adds to the 21 MW described in 2021, with 5,000 racks rather than 2,200
6Procurement
7Limits and open questions
8Sources
Sources: Nxtra Pune data centre page, Nxtra by Airtel site, DataCenterMap Pune listings, DataCenterHawk, Data Center Dynamics Infra on the Nxtra expansion programme, Baxtel Pune listings, Airtel investor releases, ocolo Pune listings.