Lodha signs MoU with Maharashtra govt for additional 1L crore investment in data centre

Four months after Lodha Developers Ltd signed a memorandum of understanding of ₹30,000 crores with Maharashtra government to develop a data centre in the state, it has committed to another ₹1 lakh crore. On January 19, Abhishek Lodha, MD and CEO of Lodha, signed an MoU with the government of Maharashtra in the backdrop of World Economic Forum at Davos. With the total investment of ₹1.3 lakh crores on approximately 2.5 gigawatt data centre park, it is slated to be the largest in the country.

In September last year, Lodha Developers had signed an agreement for ₹30,000 crores with Maharashtra government to develop a data centre under the government Green Integrated Data Centre Park policy. The latest agreement of another ₹1 lakh crore will bolster the group's commitment to Maharashtra's growth.

The data centre park with total investment of ₹1.3 lakh crores will create over 16,000 direct and indirect jobs. The park, with a capacity of approximately 2.5 gigawatts, will accommodate several major international and domestic players. Amazon has already acquired a land parcel for its data centre and also made arrangements for its power requirement for the next 15 years. Singapore based STT Global Data Centres has also acquired a land parcel in the park.

With a legacy of several decades in construction, Lodha will play the role of developer for several players who are keen on setting up data centres.

"Over and above the ₹30,000 crores commitment last year to develop the data centre park, we have signed another agreement with Government of Maharashtra to invest additional ₹1 lakh crore. The state has already scaled newer heights under the leadership of Shri Devendra Fadnavis, Hon'ble Chief Minister of Maharashtra. His vision and actions directed towards developed Maharashtra, gives us immense confidence in committing to such a large investment," said Abhishek Lodha, MD and CEO of Lodha Developers Ltd.

Shares of Macrotech Developers Limited was last trading in BSE at Rs. 1043.50 as compared to the previous close of Rs. 1070.50. The total number of shares traded during the day was 29606 in over 1422 trades.

The stock hit an intraday high of Rs. 1073.75 and intraday low of 1038.85. The net turnover during the day was Rs. 31102424.00.

Source : Equity Bulls

Keywords

LodhaDevelopers INE670K01029 Realty Investment DataCentrePark MOU GovernmentofMaharashtra