EQT is planning to deploy up to $50bn in India by 2030, targeting data centres, renewable energy and private equity as it seeks to expand its presence in the country, according to Private Equity Wire citing a report by Bloomberg.
The Bloomberg report cited by Private Equity Wire said Jean Salata, chair of EQT, revealed that around $30bn of the planned spending is expected to go towards data-centre infrastructure. The same report said a further $5bn will be earmarked for renewable energy projects and related infrastructure needed to power the facilities, according to Private Equity Wire.
Data-centre buildout via EdgeConneX and AdaniConnex
A significant part of EQT’s data-centre strategy in India will be pursued through EdgeConneX, EQT’s portfolio company, including its existing partnership with Adani Enterprises, according to Private Equity Wire.
EdgeConneX and Adani Enterprises established AdaniConnex in 2021 as a 50-50 joint venture focused on developing data-centre infrastructure in India, Private Equity Wire reported. Private Equity Wire also reported that the strategy is intended to give EQT exposure to growing demand for computing capacity being generated by AI, while linking its data-centre investments with the expansion of renewable power and energy storage.
India share of EQT infrastructure and renewable allocation
Salata said India is currently responsible for less than 5% of EQT’s global infrastructure investments, leaving significant scope for the firm to increase its exposure, according to Private Equity Wire.
Private Equity Wire reported that $5bn of EQT’s planned India spending by 2030 is expected to be earmarked for renewable energy projects and related infrastructure needed to power data-centre facilities.
Widely known context: Data-centre operators typically require large and reliable power supplies, and many projects seek to pair new compute capacity with new generation and grid-related infrastructure.
Venture and buyout private equity plans and track record
Alongside infrastructure, EQT plans to invest between $15bn and $20bn in Indian venture capital and buyout private equity by 2030, Private Equity Wire reported.
EQT has invested $26bn in India across 30 investments since entering the market in 1998, including around $7bn since 2023, according to Private Equity Wire. Private Equity Wire reported that EQT’s Indian private equity portfolio includes healthcare business Indira IVF Hospital, financial services company Credila Financial Services and several IT services businesses.
Adani Group said earlier this year that it intends to invest $100bn by 2035 to develop green-powered, AI-ready data centres, and Private Equity Wire reported that this highlights the scale of the infrastructure buildout that EQT is targeting through AdaniConnex.
