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Terravista Developers acquires 25-acre land in Pune for data centre

Wednesday, 10 Apr 2024
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Adani Group company Terravista Developers has acquired leasehold rights of a 25-acre land parcel in Pimpri industrial zone in Haveli locality of Pune, Maharashtra for Rs 471 crore from Finolex Industries. With the land in place, and stamp duty of over Rs 23.52 crore paid for the registration, the company plans to develop a large data centre.

The Adani Group’s data centre business is led by AdaniConneX, joint venture between Adani Enterprises and US-based EdgeConneX. In February 2021, Adani Enterprises entered a 50:50 joint venture with EdgeConneX for development and and operation of data centers throughout India.

The Maharashtra Industrial Development Corporation (MIDC) had originally leased two adjoining plots to Swastik Rubber Products between 1967 and 1969 for a period of 95 years. Swastik Rubber leased these plots further to Finolex Group entities in 1982 for the remaining period. Along with this, it also transferred the rights to renew the lease by additional 95 years as per the deed provisions. The company has now transferred the leasehold rights of the plot to the Adani Group company.

The JV will focus on creating a network of hyperscale data centers across the country, starting with Chennai, Navi Mumbai, Noida, Vizag, and Hyderabad. This alliance has plans to develop one GW of data centre capacity in the next decade.

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