Adani
Adani Enterprises Ltd (AEL) has invested about ₹8,379 crore in AdaniConneX, its data centre joint venture with EdgeConneX, since entering the sector in 2021. That is almost double the combined ₹4,673 crore invested so far by Bharti Airtel Ltd, Reliance Industries Ltd and Tata Group in their data centre ventures, according to company filings.
Investment spans four business houses
The Adani Group has channelled its investment through AdaniConneX. The Tata Group has invested at least ₹1,447 crore through Tata Communications Ltd and Tata Consultancy Services Ltd, according to their filings.
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- AEL has invested about ₹8,379 crore in AdaniConneX since 2021.
- Bharti Airtel, Reliance Industries and Tata Group have invested at least ₹4,673 crore combined so far.
- Tata Communications has invested about ₹1,247 crore in STT Global Data Centres since 2016; STT has operational capacity of over 400 MW.
- TCS has invested at least ₹200 crore in HyperVault Data Centres Pvt Ltd, according to its FY26 annual report.
The ventures began in different years. Airtel’s Nxtra was established in 2013, while Reliance’s Digital Connexion was formed in 2023. TCS and private equity firm TPG set up HyperVault in 2025, making it the newest entrant.
AI demand drives expansion plans
Adani chairman Gautam Adani said in the company’s FY26 annual report that AI would require large data centres, reliable power, transmission networks, cooling systems, connectivity, clean energy and industrial-scale resilience. Bharti Enterprises chairman Sunil Bharti Mittal cited India’s digitisation, cloud adoption and data localisation requirements as reasons for the long-term opportunity.
Reliance chairman Mukesh Ambani said the company was building India’s first built-to-suit AI data centre for a global technology leader of Meta’s scale. TCS said in an exchange filing dated 5 September that the project was expected to support an AI infrastructure ecosystem spanning power, cooling, networking, construction, engineering and operations.
Specialist operators including STT Global Data Centres, Yotta Data Services and Sify Infinit Spaces previously expanded capacity largely for cloud providers, enterprises and telecom companies. Amit Chandra, vice-president of research at HDFC Securities, said conglomerates could commit large sums and wait for returns, making capital allocation key to long-term investment. Ayush Rungta, partner at Deloitte India, said demand could soon reach an inflection point and attract further capital.
