Hiranandani group to raise Rs 3,100 crore via debt for data centre biz

The company will maintain Rs 150 crore in interest service reserve account (ISRA)

investment, investors, savings, mf, funding, tech, economy, gdp, aif, alternative investment fund, capital, startups, tech, savings, money, cash, shares, funds, equity

The funds will be utilised towards repayment of outstanding construction finance and lease rental discounting (LRD) loans

Abhijit Lele Mumbai
Hiranandani group entity NMDC Data Centre Private Limited (NMDC) will raise up to Rs 3,100 crore through debentures for capital expenditure on digital infrastructure and retire old loans etc.

Rating agency ICRA has assigned “AA-” rating for the proposed non-convertible debentures (NCDs). The rating NMDC factors in the strong track record of the Hiranandani Group in the real estate sector, including the construction of large-scale IT buildings and data centers (DC).

During 2012-2022, the Group constructed four DCs for NTT Global Data Centers & Cloud Infrastructure India Private Limited (NTT) and forayed into DC development and management business in 2019.

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Nov 22 2022 | 12:39 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com