A week after the Adani Group announced plans to enter the data centre space with a ₹ 70,000 crore investment, another billionaire controlled group, albeit this time a Mumbai based one, has announced its entry into the data centre parks space with a new business venture called Yotta.
The data centre storage space has been a triple digit growth sector in the last two years and is expected to grow at the same pace for the next five years. The Hiranandani group is looking to capitalize on this opportunity as soon as possible. The group is looking to invest as much as ₹ 15,000 crore over the next 5 – 7 years in setting up data centres in Mumbai, Panvel and Chennai.
The Managing Director of the real estate developer entity, Niranjan Hiranandani, said “The digital India program is one of the key pillars of the Prime Minister’s vision of India becoming a $ 5 trillion economy by 2025. We envision a huge opportunity with Data Localization and Protection Act to be announced soon which will give a big impetus to the data storage business domestically”.
Mr. Hiranandani seems to be wasting no time, and his first data centre park will come up by December this year which will be part of the Hiranandani Fortune City Township in Panvel and it plans to invest around ₹ 1,000 crores to build it.