AirTrunk aims to invest $30 billion in a 5GW data center initiative in India by 2030.

      TL;DR: AirTrunk, supported by Blackstone, plans to invest $30 billion in India by 2030, developing 5GW of data center capacity in various states. This announcement follows AirTrunk's recent entry into India via its acquisition of Lumina CloudInfra just six weeks ago.

      Initially, AirTrunk wasn't present in India six weeks ago; now it aims to invest $30 billion there. On Thursday, the Blackstone-backed hyperscale data center operator revealed plans to invest over INR 3,000 billion ($30 billion) in India by 2030, establishing more than 5 gigawatts of digital infrastructure across several states and union territories. This amount indicates projected expenditure rather than confirmed capital, and the four-year timeframe allows for flexibility. However, if realized, this initiative would be one of the largest digital infrastructure investments in the nation’s history.

      Prime Minister Narendra Modi welcomed this commitment, highlighting its potential to enhance India's status as a global hub for cloud computing and AI, following discussions between AirTrunk founder and CEO Robin Khuda and officials at both federal and state levels in Maharashtra and Andhra Pradesh.

      From 0 to $30 billion in just six weeks, AirTrunk entered India in April by acquiring Lumina CloudInfra, which provided a 600-megawatt development pipeline in Mumbai, Chennai, and Hyderabad. The new $30 billion initiative marks a significant escalation of their presence in the region.

      A key component is a 3GW campus at the Raigad Penn Growth Centre near Mumbai, where AirTrunk has signed a letter of intent for land allotment with the Maharashtra government. An industry report estimates that this project alone could cost around $21 billion, though this figure has yet to be confirmed by AirTrunk or the Maharashtra government.

      “Capital is mobile, and India is fostering an environment for it to prosper,” Khuda stated. “India is taking a proactive approach to AI with clear government-led initiatives, a talented workforce, and abundant renewable energy.”

      As for why India and why now, the country's data center market has been rapidly advancing since 2024, with an exceptional increase in new commitments seen in 2026. Google has invested $15 billion for a data center hub in southern India, while Microsoft has committed $17.5 billion. Amazon is aiming for up to $35 billion by 2030, and the Adani Group has proposed a $100 billion initiative through 2035, which includes a 5GW renewable-powered hyperscale platform, although this information comes from industry reports, not formal commitments.

      The Indian government has supported this influx of private capital with favorable policies. The February budget introduced a 20-year tax holiday until 2047 for foreign tech firms utilizing Indian data centers for global cloud services. The IndiaAI Mission has received approximately £1 billion ($1.2 billion), and the India Semiconductor Mission has secured around £7.5 billion ($9 billion) in backing.

      Leasing related to AI has more than doubled to 348MW in the past year, accounting for nearly 20% of total demand. From March 2025 to April 2026, around 30 large projects were announced, adding about 3.5GW of planned capacity across the nation. Schneider Electric anticipates that its data center operations in India will become its largest unit within three to five years.

      AirTrunk serves as Blackstone's primary vehicle for its largest infrastructure investment in the Asia-Pacific region. The private equity firm acquired AirTrunk in December 2024 for an implied enterprise value exceeding A$24 billion ($16 billion), alongside a 12% stake from the Canada Pension Plan Investment Board, marking the largest data center transaction ever.

      Since then, Blackstone has aggressively expanded AirTrunk's reach, which now encompasses over 3GW of operational and planned capacity across 20 campuses in six regions: Australia, Singapore, Japan, Malaysia, Hong Kong, and India. Blackstone is also seeking up to $1.75 billion in a NYSE IPO for its Digital Infrastructure Trust, which will package hyperscale-leased AI data centers as a public REIT.

      This move into India aligns with a clear strategy. Before acquiring AirTrunk, Blackstone had already committed roughly $11 billion to Indian data centers through Lumina. The new $30 billion figure nearly triples that investment.

      Despite the impressive numbers, there remains a significant gap between declarations and operational capabilities. India's total live IT capacity surpassed 1.6GW by the end of 2025, built over several years, with just 371MW added in 2025 alone. AirTrunk’s projected 5GW, along with commitments from Google, Microsoft, Amazon, and Adani, would require India to construct more capacity in the next four years than it has throughout its entire history, multiple times over.

      Discussions between Khuda and government officials reportedly focused on the potential bottlenecks that might hinder