As India surges ahead in the global data economy, Anant Raj Ltd, a prominent Delhi-based real estate and infrastructure developer, has announced a $2 billion (₹18 000 crore) investment to scale its data centre operations in Haryana. With one facility already live, the company now aims to build three cutting-edge centres totalling 300 MW capacity by 2032, positioning itself among the vanguard of India’s data infrastructure build‑out.
📌 Key Highlights
- Total investment: ₹18 000 crore (~$2.1 billion)
- Goal: Establish 300 MW IT load capacity across three Haryana sites by 2032
- Current live capacity: ~3 MW in Manesar, with another 3 MW expected by Q1 FY25
- Haryana locations: Manesar (50 MW), Rai (200 MW), Panchkula (50 MW)
- Revenue impact: Data centres expected to contribute 40% of revenues, up from ~5% currently
📊 Pivot Table: Anant Raj Data Centre Capacity Roadmap
| Site | Current Live (MW) | Target Capacity (MW) |
|---|---|---|
| Manesar | 3 (Phase I) + 3 upcoming | 50 |
| Panchkula | – | 50 |
| Rai | – | 200 |
| Total | 6 | 300 |
(Live & planned – based on company disclosures)
🔎 Why Haryana? Key Advantages
- Existing real estate assets: Anant Raj is retrofitting its own tech parks, reducing land cost to ~₹25 crore per MW vs ₹55‑60 crore per MW industry average
- Strategic NCR map: Manesar, Rai, and Panchkula are well-connected via highways, grid infrastructure, and proximity to enterprises
- Regulatory tailwinds: Data localisation norms and AI/cloud growth are boosting local demand
🚀 Growth & Scale Economics
- Revenue per MW: Existing 6 MW generates ₹65 crore revenue with ₹54 crore EBITDA
- Scale-up projections: At 307 MW, annual revenue may touch ₹3,316 crore with EBITDA ~₹2,763 crore
- Revenue shift: Data centres expected to grow from 5% of overall revenue to over 40% in the next 4 years
🛠️ Strategic Partnerships
- TCIL & RailTel: For engineering and telecom infrastructure
- Orange Business: Building “Ashok Cloud” sovereign cloud solutions across data centres
- Google MoU: Developing cloud & AI infrastructure at Manesar, Rai, Panchkula (300 MW sites)
📈 Market Context & Outlook
| Indicator | Value |
|---|---|
| India’s data center growth (2023–26) | +77%, reaching ~1.8 GW capacity |
| Capex requirement for 1 MW DC | ₹55–60 crore |
| Anant Raj capex per MW | ₹25 crore (land advantage) |
| Cloud CAGR | ~30% in India |
✅ Investor Perspective
Reddit users highlight Anant Raj’s compelling growth trajectory:
“Revenue CAGR of 34% for FY24–29… Rs 3,300 cr of rental income from data centres by FY29.”
However, some caution about AI hype and inflated valuations:
“Anant Raj was pumped by circular Black money… remain sceptical.”
📉 Risks & Challenges
| Risk | Concern |
|---|---|
| Execution delays | Infrastructure and technical systems need precise integration |
| Pricing pressure | Competition from Adani, Reliance, and global players could compress margins |
| Tech obsolescence | Rapid infrastructure upgrades needed to match evolving cloud & AI demands |
| Capital intensity | ₹18 000 crore capex imposes funding, return expectations, and project risks |
🧭 Next Milestones
- Phase II Manesar expansion: Additional 3 MW by Q1 FY25
- Panchkula build-out: +7 MW by FY25 end
- Rai & large-scale expansion: Tier III/IV facilities by 2026–29
- Ashok Cloud service rollout: Going live across all sites via Orange Business
- Google collaboration harnessed: AI-tailored enterprise offerings operational
📌 Conclusion
Anant Raj’s bold ₹18 000 crore investment marks a major push into the booming Indian data centre sector. Leveraging its existing real estate, strategic partnerships, and cost advantages, the developer is well-positioned to capture scale, margin, and tech-led growth.
Still, investors should track execution discipline, market competition, and pricing trends. Success here could pivot Anant Raj from a mid-sized real estate business into a core player in India’s digital infrastructure landscape.
