Yondr Group, a hyperscale data center developer, owner, and operator, backed by Cathexis Holdings, a Houston, Texas-based investment firm, today announced it has formed a joint venture known as EverYondr, with Everstone Group, an India-focused private equity firm, building its first facility in the Mumbai Metropolitan Region of India.
EverYondr – Yondr and Everstone Group – India Data Centers
Everstone Group and Yondr Group’s EverYondr joint venture in India will have an initial capitalization (debt and equity) of $1bn. This investment will be used to fund the development and operation of hyperscale data centers across key markets in India. Specifically, these metros include Mumbai Metropolitan Region, Hyderabad, Bangalore, Chennai, and Delhi (National Capital Region).
Initial Project – Mumbai, India Data Center
EverYondr will start by investing in a project in the Mumbai Metropolitan Region. Indeed, in Mumbai, EverYondr has already acquired land and power. Through this project, the joint venture will deliver 30 megawatts of IT capacity by 2023. Furthermore, once the site is fully developed, EverYondr will offer 60 megawatts of IT capacity in Mumbai.
Customers
Everstone Group and Yondr Group intend to deliver a portfolio of hyperscale facilities to meet demand from public cloud service providers and other hyperscale customers in India. Notably, India’s data center market is projected to exceed $4.5bn by 2025.
Joint Venture Roles
Everstone Group will contribute its significant local knowledge of the Indian market to the EverYondr joint venture. At the same time, Yondr Group has the technical capability to develop hyperscale data center capacity.
Presently, Yondr has projects under development in Northern Virginia, London, Frankfurt, Berlin, Jakarta (Indonesia), and Mumbai, India.
Everstone Group – Overview
Everstone Group is a Singapore-based, India-focused private equity firm. The group’s real estate arm, Indospace, is the largest industrial real estate developer in India with 47+ million sqft under development. Overall, the firm has assets under management (AUM) of $6bn+ across private equity, real estate, infrastructure credit, and venture capital.
India Data Center Market – Recent Entrants
Over the past 12 months, numerous global data center operators have made announcements about their entry into India’s data center market. Specifically, these announcements have come from:
- Digital Realty: formed a joint venture with Brookfield Infrastructure known as BAM Digital Realty
- Ascendas India Trust (a-iTrust): announced the development of a 90-megawatt greenfield data center project in Airoli, Navi Mumbai, India
- STT GDC: began construction on Phase 1 of a 35-megawatt greenfield data center facility, in Noida, Uttar Pradesh, India
- Iron Mountain: invested in Web Werks and plans to spend $150m on India data centers overall, in the next two years
- EdgeConneX: partnered with Adani Enterprises through a joint venture known as AdaniConneX which intends to develop 1 gigawatt of data center capacity in India over the next decade
- Equinix: purchased GPX India for $161m to enter the Mumbai metro, which is India’s largest overall data center market
