Mumbai: Singapore-based Hillhouse Investments has set up TeraNova DC, a dedicated data centre platform, with plans to infuse about $12-15 billion to develop over 2GW capacity across key Indian markets by 2032, its newly appointed chief executive officer (CEO) Sanjay Bhutani said.
The newly launched platform will focus on developing and operating hyperscale, artificial intelligence (AI)-ready, and sustainable data centre campuses across markets, including Maharashtra, Hyderabad, Andhra Pradesh, Delhi-National Capital Region and Gujarat. Its development strategy will centre on strategically located land banks, power-ready sites and scalable campus infrastructure.
“India’s digitization vision is entering a defining phase. As hyperscalers, enterprises and a new generation of scale their ambitions, the country will require gigawatt-scale data centre campuses that provide compute-ready infrastructure and deployment certainty,” Bhutani told Mint in an interview.
He added that the aim is to build a platform that helps customers turn their growth plans into operational capacity with speed, reliability and confidence.
“We are building this success through an experienced team, strong technology and energy partnerships, and a disciplined approach to delivery.”
Bhutani, who has been roped in by to deepen its presence in India, brings nearly three decades of experience across information technology (IT), telecom and digital infrastructure and has led data centre strategies for multinational organizations. He had a major role in the formation and growth of AdaniConneX, the joint venture between Adani Enterprises and EdgeConneX.
TeraNova plans to build gigawatt-scale campuses designed for hyperscale cloud, enterprise and high-density Al workloads, with the flexibility to expand as customer requirements evolve. The company will adopt design for manufacture and assembly (DFMA), modular construction and prefabricated power and cooling systems to improve quality, consistency and deployment timelines.
“By designing around customer requirements and bringing consistency from development through operations, we aim to create a platform that scales with our customers and contributes to India’s long-term digital growth,” said Bhutani.
Additionally, standardized specifications, coordinated procurement and access to global and local supply chains are expected to support predictable execution and timely access to critical long-lead equipment. Together, these capabilities will create an integrated path from customer requirements to commissioned capacity.
Broadly, India’s expanding digital economy has created sustained demand for infrastructure to store, process and move data securely and efficiently. The country’s data centre capacity has grown more than fourfold, from about 375MW in 2020 to around 1.57GW as of August 2026, and is projected to approach 8GW by 2030.
Despite generating nearly 20% of the world’s data, India currently accounts for only 3% of global capacity, highlighting the significant runway for growth in the country’s digital infrastructure sector.
The latest platform reflects Hillhouse’s conviction in the country’s long-term digital infrastructure opportunity as cloud adoption, AI, digital payments, streaming, e-commerce and enterprise digitalization are driving this growth and shaping demand for scalable, high-performance data centre campuses.
TeraNova will leverage its global data centre expertise, best-in-class technology and strong supply-chain partnerships with local development and execution capabilities. Its focus will be on supporting the evolving requirements of hyperscalers, AI infrastructure providers, neo-cloud companies and enterprises, said Bhutani.
Key factors such as sustainability, resource efficiency, and environment, health, and safety (EHS) will be embedded throughout design, construction, commissioning and operations, he added. The platform will collaborate with leading energy and technology partners to increase renewable energy use, improve power efficiency, and deploy water-efficient cooling solutions.
Founded in 2005 with seed capital from Yale University Endowment, Hillhouse is a leading global alternative investment manager. With two decades of experience, the firm has grown into a large alternative asset manager with a range of investment strategies that span public equities, private equity, private credit and real assets.
The investment firm has among the high-conviction investors in Indian real estate over the years with over $1.8 billion committed in India through Siddhartha Gupta-founded Alta Capital. Its philosophy includes taking majority stakes in real asset themes such office spaces, logistics, luxury homes, student accommodation and in data centres.
Hillhouse has invested in the initial public offering-bound TableSpace, India’s largest managed office services; LogiCap, the country’s third largest owners of institutional logistics and warehousing assets; Elevate Campuses, which raised ₹2,100 crore and went public in September this year, and second-home luxury development and management company Ispravah.
The firm has a global investment committee and an international team of over 100 investment and operational professionals from over 18 countries, including Japan, the UK, India, Singapore and the US. Hillhouse manages assets on behalf of primarily US, South-East Asia and West Asia-based institutional clients such as university endowments, foundations, family offices and other long-term institutional investors.