In a major expansion move, real estate asset platform RMZ has unveiled plans to invest over $35 billion in India over the next 5 years, targeting digital infrastructure, AI capabilities, and real estate development.
The investment will be financed through a mix of debt and equity. The company is also exploring an initial public offering to secure long-term and stable capital.
Nearly half of the total investment will be directed towards digital infrastructure. RMZ, in partnership with Colt, a subsidiary of Devonshire, the family office of Fidelity’s Abigail Johnson, is developing co-location data centres in Navi Mumbai, Chennai, Visakhapatnam, Hyderabad, and Bangalore.
In the near term, the company has committed capacity additions of 750 megawatts in Navi Mumbai and 485 to 500 megawatts in Visakhapatnam, following a formal agreement with the Andhra Pradesh government. “The group’s 5-year target is to reach 1.5 gigawatts of co-location capacity in India, at a capital outlay of $12 to $15 billion,” it said.
RMZ has also created a separate entity to build AI factory capabilities on top of its co-location infrastructure. This will offer GPU as a service to cloud providers and AI companies setting up operations in India.
The remaining investment will focus on commercial real estate, led by Global Capability Centres. RMZ said it operates across Bangalore, Hyderabad, Gurgaon, Mumbai, Pune, and Chennai, and aims to capture around 20% of annual commercial office absorption in the country.
The company is also investing in retail formats with experiential offerings, luxury business and leisure hospitality, industrial and logistics assets, and Signature Offices. This product allows both retail and institutional investors to directly own grade-A commercial office spaces.
“The way we look at it, we need permanency of capital. And the only way you can get permanent capital is if you tap into the public markets,” said Manoj Menda, Co-Founder and Chairman, Supervisory Board, RMZ. “So, all these years, we have built partnerships along with some great sovereign pension funds, strategic investors, and that has gotten us to where we are today,” he said.
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