India AI Data Centre Buildout

under construction

India's operational data centre capacity, currently about 1.5 GW, is expected to triple or quadruple by 2030, driven by a pipeline of projects in Visakhapatnam, Jamnagar, Navi Mumbai, Hyderabad, and Chennai. The buildout includes conventional colocation and speculative AI capacity with GPU halls designed for AI training, much of which is not yet leased. The financing model relies heavily on local bank debt and bonds, with loans sanctioned by SBI, private banks, and state power-sector lenders like PFC and REC. The risk lies in the demand assumptions based on global AI demand curves from American hyperscalers, which may not materialize domestically, potentially leading to financial strain on Indian lenders.