The International Finance Corporation (IFC), part of the World Bank Group, has invested $71 million in Sify Infinit Spaces Ltd as part of a broader plan to inject up to $371 million to help develop two data centre projects in Navi Mumbai and Chennai, the companies said in a joint statement on Thursday.
Sify’s two data centres will have a combined capacity of 103 MW, specifically built for AI-ready workloads and are expected to generate employment opportunities. It will also expand access to secure, reliable, and energy-efficient digital infrastructure services for businesses including banking, media, and e-commerce to support the country’s growing demand for cloud computing, and artificial intelligence (AI), and mobilize long-term private capital for critical digital infrastructure.
“India’s digital transformation requires infrastructure that is equally scalable, resilient, and sustainable. Through this investment, IFC is helping strengthen and build out the country’s digital ecosystem, support the growing demand for cloud and AI services and boost digital inclusion,” said Vikram Kumar, regional industry director, infrastructure and natural resources in Asia and the Pacific, IFC.
“With IFC as our partner, we gain not only access to capital but also a powerful vote of confidence that strengthens our position in the market and supports our ambitious expansion plans,” Ganesh Sankararaman, chief financial officer, Sify Infinit Spaces, said.
Earlier this year, Sify Infinit Spaces, the data centre arm of Sify Technologies, received the regulator’s nod to raise about ₹3,700 crore through an initial public offering (IPO). However, the fresh fundraise comes as weak and volatile stock market conditions prompted the company to delay its listing plans.
India's data centre boom
Broadly, India has emerged as one of the world’s fastest-growing digital economies, with 20% of global data consumption, more than 1.2 billion mobile subscribers and over 1 billion internet users. Investors are increasingly capitalizing on this rapid growth in cloud adoption, AI applications, digital commerce, financial services, and 5G connectivity that is driven by unprecedented demand for data centre capacity.
Earlier this week, CtrlS Datacenters raised about ₹7,000 crore from CPP Investments at a $4.8 billion valuation, while Blackstone-backed Airtrunk outlined a massive plan to invest about $30 billion in India over the next four years. Blackstone also invested about $600 million in Neysa – an artificial intelligence cloud platform through a mix of debt and equity earlier this year while Alpha Wave Global, alongside Carlyle, invested $1 billion in Bharti Airtel’s data centre subsidiary Nxtra Data Ltd.
