The CapitaLand India Data Centre Fund held a first close of about S$150 million on 31 December 2025 against a target of about S$300 million, and acquired a 20.2% interest in each of three Indian data centres from CapitaLand India Trust for an estimated S$99.73 million — ₹702 crore. The three assets carry 132 MW of IT capacity in this registry: Navi Mumbai at 71 MW, Chennai at 34 and Hyderabad at 27. Divide ₹702 crore by 20.2% and the implied value of the whole is about ₹3,475 crore, which is ₹26.3 crore per megawatt of IT. Every disclosed build rate in this file sits between ₹51 and ₹60 crore per megawatt. That gap is the most commercially useful number in the registry, and this page explains what it does and does not mean.
1At a glance
2The fund, and what half a target means
A first close at half the target is a normal structure and a specific signal, and it is worth being precise about which.
| Item | Detail | Reading |
|---|---|---|
| First close | About S$150 million | Capital committed and available |
| Target | About S$300 million | The remaining half is unraised |
| GP commitment | From CapitaLand Investment | Sponsor skin in the game |
| Deployment at close | S$99.73 million of the S$150 million | 66% of first-close capital is already committed |
| Asset acquired | 20.2% of three data centres | A minority position, not control |
| Right of first offer | CLINT’s fourth data centre, Bengaluru | A pipeline option, not an asset |
Two thirds of the first-close capital went into one transaction on the same day. That is a fund shaped around a pre-agreed deal rather than a blind pool, which is how most Indian digital infrastructure vehicles are now being raised: the assets exist, the vehicle is wrapped around them, and outside capital is invited into a minority position.
A minority stake with a right of first offer on the next asset is the structure a sponsor uses when it wants capital without giving up control of the platform.
For anyone tracking ownership, it means the operating decisions — pricing, leasing, phasing — stay with CapitaLand India Trust at 79.8%, and the fund is a passive co-investor.
It also means the S$99.73 million is a marked price set by a willing seller and a related-party buyer. That is the single biggest caveat on this page and it is why the next section is labelled implied rather than valued.
3Twenty point two per cent, and what it implies
| Step | Figure | Note |
|---|---|---|
| Consideration for 20.2% | ₹702 crore | As disclosed, INR 7.02 billion |
| Implied value of 100% | ₹3,475 crore | ₹702 cr ÷ 0.202 |
| IT capacity behind the three assets | 132 MW | 71 + 34 + 27 |
| Implied value per MW of IT | ₹26.3 crore | Gridvik calculation |
| Disclosed build rate, CapitaLand Chennai 01 | ₹57.1 crore | ₹1,940 crore for 34 MW |
| Disclosed programme rates, market | ₹51.4 to ₹60.1 crore | NAV2, AirTrunk, Colt DCS–RMZ |
| Implied value as a share of build cost | 44% | At ₹57.1 crore per MW |
A 44% gap between transaction value and build cost looks like a bargain. It is almost certainly not one, and here is why in three lines.
First, two of the three assets are unbuilt — Chennai is under construction and Hyderabad is under development. Their value to a buyer is land and permits, not megawatts. Second, the transaction is a related-party transfer between a trust and a fund sponsored by the same manager. Third, the consideration is for equity in a holding structure, and any project debt sits beneath it.
The correct use of the ₹26.3 crore figure is as a benchmark to test against other Indian data centre transactions, not as a market price. This registry publishes it with all three caveats attached because the alternative — publishing an unexplained 44% discount — would mislead.
What the comparison does establish, unambiguously, is the build rate: four independent disclosed programmes land between ₹51 and ₹60 crore per megawatt. That band is the replacement cost of Indian capacity, and it is far more solid than any single valuation.
4The rate card for an Indian megawatt
| Programme | Rate | ₹ crore per MW | Basis |
|---|---|---|---|
| Colt DCS–RMZ | US$1.7bn for 250 MW | US$6.8m = ₹60.1 crore | JV programme, Mumbai and Chennai |
| CapitaLand Chennai 01 | ₹1,940 cr for 34 MW IT | ₹57.1 crore | Single building, 13 halls |
| AirTrunk India | US$6.0m per MW implied | ₹53.0 crore | 5 GW / US$30bn programme |
| NTT NAV2 phase one | ₹5,500 cr for 107 MW | ₹51.4 crore | Four data centres, 54 acres |
| NTT Bengaluru 4 | ₹2,400 cr for 67.2 MW | ₹35.7 crore | Three buildings, 8.5 acres |
| Cluster of four programmes | — | ₹51.4 to ₹60.1 crore | A 17% spread across 700 MW |
Four separate organisations, four separate disclosures, one band. Between ₹51.4 and ₹60.1 crore per megawatt — a 17% spread across roughly 700 MW of committed Indian capacity. That is a real market price for building.
Bengaluru 4 at ₹35.7 crore is the outlier and it is correctly one: three buildings on 8.5 acres at 8.8 MW per acre, the cheapest land-to-megawatt geometry in the file. The band describes urban, high-density, multi-storey builds. It does not describe a greenfield campus with cheap land.
This is the number to put in front of anyone raising capital for an Indian data centre: ₹51 to ₹60 crore per megawatt of IT, and about ₹35 crore if you have eight acres in Devanahalli.
5Procurement
6Limits and open questions
- The ₹26.3 crore per megawatt is implied, not valued. It is a Gridvik division of a disclosed consideration, with no enterprise value, debt or holding-structure detail.
- The transaction is a related-party transfer between CapitaLand India Trust and a fund sponsored by the same manager, so it is not an arm’s-length market price.
- Two of the three assets are unbuilt. Chennai was under construction and Hyderabad under development at the transaction date.
- The stake is 20.2% in each asset, not 20.2% of the total. The arithmetic is the same; the control rights are not.
- First close is S$150 million against a S$300 million target. The fund is half-raised.
- Zero megawatts counted. A financing record must never enter a capacity total.
- What would close it. An enterprise value, a debt schedule, or a second arm’s-length transaction to compare against.
7Sources
Sources: the CapitaLand India Data Centre Fund first-close release of 31 December 2025; CapitaLand Investment results and newsroom disclosures; the CapitaLand Investment release of 15 October 2026; CapitaLand India Trust results filings; and this registry’s records PRJ-196, PRJ-197, PRJ-198 and PRJ-199.