Adani Group to seek $1.5 billion for data center financing

Adani Group, controlled by India’s richest man Gautam Adani, is seeking to borrow about $1.5 billion to help finance its expansion into data centers, according to people familiar with the matter.

AdaniConneX Pvt., a joint venture with data center operator EdgeConneX, is in talks with lenders including DBS Group Holdings Ltd., First Abu Dhabi Bank PJSC and Mitsubishi UFJ Financial Group Inc. for the offshore facility, the people said, asking not to be identified discussing private information.

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Adani Group plans to invest about $100 billion in data centers and other digital infrastructure by 2035, building on its sprawling energy business. Billionaire Mukesh Ambani’s Reliance conglomerate also plans to plow as much as $110 billion over seven years into artificial intelligence-related infrastructure.

The broader push is fueling a surge in India’s data center market as conglomerates race to build the computing capacity required for AI and cloud services. The government expects capacity to surge to nearly 8 gigawatts by 2030 from about 1.57 gigawatts in August 2026, while the country could draw roughly $200 billion of investment into the sector over the next seven to eight years, local media reported.

The Adani conglomerate is also holding talks with other lenders including Natixis SA, ING Bank NV and Societe Generale SA for the latest financing, the people said. Discussions over pricing are taking place and the loan could have a tenor of five to seven years, they said. The terms haven’t been finalized.

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DBS and FAB declined to comment while the Adani Group, MUFG, Societe Generale, Natixis, ING did not reply to emails seeking comment.

Adani’s latest funding drive comes months after AdaniConneX secured an $800 million data center loan, which had an 18-month duration.