Tata Realty and Infrastructure, a Tata group subsidiary, said it will invest Rs 5,000 crore (US$660.1 million) in the construction of an IT park project in Navi Mumbai that will include data centres and office space.
The park project is backed by UK institutional investor Actis and will be funded through equity and debt.
No financial data was shared in regard to how much Actis will be contributing to the scheme as well as who the other backers are. Tata said it is to remain the majority shareholder of the project.
The development is set to span across seven million square feet and will be named “Intellion Park”, Sanjay Dutt, managing director and chief executive for Tata Realty and Infrastructure, told PTI.
Dutt said: “We have 47.1 acre of land located in Ghansoli, Navi Mumbai. On this land parcel, we are doing seven million square feet of development, predominantly IT space and data centres with some complimentary retail and non-IT office space.
“The total investment on this project is Rs 5,000 crore. This is Tata Realty’s largest single investment in office real estate.”
More than 70,000 people are expected to work at the park once fully built by 2029/30. Construction works have already begun with the ground-breaking ceremony taking place on December 18, 2021, in the presence of Maharashtra Industries Minister Subhash Desai.
Ashish Singh, Partner, Actis India, said: “Actis is proud to be associated with this state-of-the-art project, which will not only provide an office destination of choice for tech companies to thrive in, but also be a buzzing social place for their talent, strengthening these companies’ ability to attract and retain top-quality talent, an increasingly important competitive advantage.”