Mumbai, 1st November 2022: Yotta Infrastructure announced that leading credit rating agency ICRA had assigned an AA – (Stable) rating for the proposed non-convertible debentures (NCDs) of NMDC Data Centre Private Limited (NMDC), part of Yotta Infrastructure – the data center business arm of the Hiranandani Group. The rating is provisional and subject to the completion of certain documentation for the proposed NCDs’ issuance by NMDC.
The assigned rating for the proposed NCDs of NMDC is attributed to the strong track record of the Hiranandani Group, with over four decades of experience and proven expertise in the real estate sector, including the construction of large-scale commercial and residential buildings and data centers. ICRA has also factored in the significance of NMDC’s first data center, Yotta NM1’s Tier IV Gold Operations certification, which guarantees 99.995% uptime for customers and enables NMDC to command premium pricing vis-à-vis data centers with lower tier ratings.
The NMDC campus in Panvel, Navi Mumbai, is the largest single-location site in India, housing two data center buildings (Yotta NM1 – 30.4 MW and Yotta NM2 – 35.2 MW capacity). Yotta NM1 is Asia’s largest and the world’s second-largest Tier IV data center and demonstrates the highest degree of reliability in operations. In addition, it is India’s only Tier IV data center facility certified for its construction and operations. Yotta is India’s fastest-growing data center company, with a target capacity of over 500 MW in the next four years.
Speaking on the development, Darshan Hiranandani, Chairman, Yotta Infrastructure, said, “Within just two years of our foray into the data center business with Yotta Infrastructure, the company has demonstrated utmost commitment to world-class infrastructure and quality. The credit rating validates our commitment and the creditworthiness of NMDC, Yotta’s flagship data center project showcasing the Group’s capabilities across areas of construction, implementation, delivery and certifications. Yotta is committed to following global best practices in technology, business, innovation and financing solutions. We are relentlessly contributing to the Make in India and Digital India initiatives of the Government of India by providing integrated services of colocation, cloud, and a range of managed services to Indian and global companies. Yotta’s focus is on an indigenous, scalable self-service model with a cloud-based self-service portal which also provides a platform to store, access and process data in India.”
The demand for data centers is expected to increase, driven by the Government’s focus on Digital India, data sovereignty and regulatory reforms, coupled with the rapidly growing cloud ecosystem, increasing internet penetration and adoption of new technologies (AI/ML, 5G, IoT, etc). The Stable outlook of the AA – rating reflects ICRA’s confidence in NMDC’s unique market positioning, which will continue to benefit from the healthy demand prospects for data centers, strong leasing pipeline, and structural features of the proposed debt instrument.
Sunil Gupta, Co-founder & CEO, Yotta Infrastructure, added, “Yotta has firmly established itself as a pioneer in India’s data center industry and has instilled confidence amongst a large customer base representing businesses of varied scale, across industries. Our unwavering focus on the highest quality infrastructure places us in a unique position to gain and grow with India’s digital transformation journey. ICRA’s AA- (Stable) to NMDC’s proposed NCDs validates our bullish business growth trajectory and long-term commitment to participate in India’s economic growth by harnessing our capabilities to serve Digital India.”
WhiteBoard Financial Advisors and Management (WBFAM) is the sole Rating Advisor and Transaction Advisor for NMDC.
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