The joint venture, with an initial capitalisation of $ 1 billion, will support hyperscale clients and service the rapidly growing Indian market, the size of which is projected to exceed $4.5 billion by 2025.
The investment will be used to fund the development and operation of multi-locational hyperscale data center business across important geographies in India, including the metros of Mumbai Metropolitan Region, Hyderabad, Bangalore, Chennai and National Capital Region (Delhi), added the statement.
In recent years India has undergone significant digital transformation, with active internet user numbers reaching 525 million in 2019, representing an annual growth of 19.2%.
Low cost smartphones and cheap data tariffs have further compounded the shift to digital, with data consumption increasing 37-fold, from 0.26GB to 9.8GB per user between 2014 and 2018.
With a population of more than 1.3 billion and data consumption per user forecast to reach 18GB per user by 2024, India represents a major market opportunity, surpassed only by the US and UK, added the statement