NTT NAV2, Airoli — Navi Mumbai, MaharashtraNTT Global Data Centers · Airoli and Dighe, Navi Mumbai · 500 MW facility power announced · 315 MW proposed · 43 MW operational

NTT announced NAV2 in March 2025 as 500 MW of facility power and 336 MW of IT capacity across three data centres — its largest campus in India. Seven months later a credit rating agency published what actually exists: a 54-acre site in Navi Mumbai, 107 MW of capacity in phase one spread across four data centres, a project cost of about ₹5,500 crore, 83 MW leased, 43 MW operational and 24 MW under construction, with 315 MW proposed overall. Every one of those numbers is defensible. They describe four different things: a plan, a phase, a contract book and a building site. The most useful pair on this page is 83 leased against 43 live — roughly half of everything NTT has signed at Airoli has not been delivered yet. The registry counts zero of it, because a campus aggregate is not a building.

1At a glance

2Eight numbers for one campus

This is the single most-reported data centre project in India and the one where the published figures diverge most. Put them on one axis and the reason becomes obvious: they are not eight estimates of one quantity. They are four different quantities.

Two things worth noting. First, 336 MW of IT at a ratio of 1.5 gives 504 MW of facility load — which is what NTT said: 500 MW. The announcement is internally consistent and obeys the same house ratio as NAV1A. It is a real plan.

Second, 315 against 336 is a 21 MW gap between the company and its own lender. The most likely explanation is scope: the project company may not include every building the marketing announcement counted. The registry does not choose between them.

383 leased against 43 live

The credit rating report is the most valuable document in Indian data centre research, because it is written for people who lend money and it carries a date.

Fifty-two per cent. NTT has signed contracts for 83 MW at Airoli and has 43 MW standing up. Sixteen megawatts are leased, not live, and not yet under construction — which means they sit inside the 40 MW of phase one that has not been started.

That is not a criticism of NTT; it is how hyperscale campuses are sold, with anchor tenants committing years ahead so the next building can be financed. But it does mean the market’s supply number for Navi Mumbai is 17.6% of the Airoli announcement, not 100% of it.

And the growth rate is the honest good news: operational capacity went from 21 MW to 43 MW in twelve months. That is NTT doubling a 54-acre campus’s live capacity in a year while building 24 MW more.

4₹51.4 crore per megawatt

The lender publishes a project cost, which almost never happens. Divide it and you get the number every developer in India works backwards from.

₹51.4 crore per megawatt is the number to hold against every other Indian project. It says what a hyperscale megawatt costs to construct in Navi Mumbai in 2025, debt and land included.

It also explains the announcement behaviour. At ₹51.4 crore per megawatt, 500 MW of facility power is a ₹25,700 crore commitment. Nobody funds that on an announcement. They fund 107 MW at a time, against 76% leasing, and announce the rest.

5Three buildings or thirteen

The building count for NAV2 has been published as three, four and thirteen. None of these are typos; they are different scopes, and getting them wrong changes the campus by a factor of four.

Four buildings in phase one against three in the whole announcement is the one that cannot be explained by scoping. Either phase one is a larger part of the campus than the announcement implies, or the lender is counting buildings inside buildings.

The thirteen comes from a 2022 statement, three years before the 2025 announcement, and most likely belongs to a master plan that has since been rescoped into phases. The registry records it and flags it rather than retiring it.

What can be said with confidence: NAV2 contains a single building with 50 MW of IT load, which at a 1.5 ratio is 75 MW of facility load — bigger than NTT’s entire NAV1 phase one across two buildings.

6Procurement

7Limits and open questions

• 500 MW and 336 MW are a plan. They are not supply and they are not counted anywhere in this registry.
• 107 MW of phase one and 315 MW proposed come from a lender’s report dated October 2025, describing a position as of August 2025. It is the best available evidence and it is fourteen months old.
• The operational figure is an area measure as reported by ICRA. Whether it corresponds exactly to energised IT load is an assumption.
• Building count is unresolved at three, four or thirteen.
• 315 MW against 336 MW is a scope gap of 21 MW between the company and its project lender. Not adjudicated.
• ₹51.4 crore per MW includes land and finance costs as reported for the project company; it is not a pure construction cost.
• No PUE, rack count or tenant list. The 50 MW single building has no published floor area.
• What would close it. An energised-capacity figure from the operator, and the next rating report.

8Sources

Sources: ICRA rating rationale for NTT Global Data Centers NAV2 Private Limited, Data Center Dynamics reporting on the March 2025 NAV2 announcement, W.media on the launch and the 50 MW single building, The Hindu BusinessLine on the Airoli campus master plan, Datacentermap and Baxtel listings, developer listing for NAV2 phase one, and independent Mumbai market analysis.