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A Kotak Mahindra Bank arm on Tuesday announced that it has raised $590 million (about Rs 4,885 crore) for investments in the data centres in the country.
Kotak Investment Advisors (KIA) said it plans to raise $800 million under the Kotak Data Centre Fund and this is the first close for the same, as per a statement.
The statement said the fund is the first such dedicated platform to invest in data centres in the country, and added that it will be domiciled in GIFT City in Gujarat where entities receive a slew of benefits.
KIA's executive director Rahul Shah said the current data centre capacity in India is significantly lower than the fast growing requirement.
"Being a high capex industry requiring significant capacity build up, we believe that there is a significant equity investment opportunity to back partners in creating capacities," he said, adding that the fund will provide strategic risk capital to entities.
KIA's managing director Srini Sriniwasan said India is at the cusp of a data revolution. "Digital Infra being built as a public good along with 5G roll out, Indians will be data rich before being financially rich!" he added.
Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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First Published: Tue, February 14 2023. 23:47 IST
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