EQT AB is planning a $50 billion spending spree in India by 2030 that will include a significant investment in billionaire Gautam Adani’s data center business.
The bulk of the buyout firm’s investments — around $30 billion — will be in data centers, with another $5 billion devoted to renewable energy to power them, according to Jean Salata, chair of Stockholm-based EQT.
EQT will route its data center investments through its portfolio company EdgeConnex as it works to fulfill rising demand for artificial intelligence compute, he told reporters Wednesday in Mumbai. Edge Connex struck a 50-50 joint venture in 2021 with Adani Enterprises Ltd. to form AdaniConnex Pvt.
Adani Group said in February that it was planning to invest $100 billion to develop green-powered, AI-ready data centers by 2035.
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EQT joins a growing number of global investors such as Blackstone Inc., Brookfield Asset Management Ltd., Warburg Pincus and Bain Capital that are rapidly investing in India’s data center capabilities. Amazon.com Inc. plans to invest $12.7 billion in cloud infrastructure in India through 2030, while Alphabet Inc. is spending about $15 billion on an AI infrastructure hub in Visakhapatnam.
For EQT, the data center bets will be combined with green energy investments, including battery energy storage solutions, according to Salata, a Chilean-born billionaire who became chair of global EQT Group in May.
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India represents less than 5% of its global infrastructure investments and has room to grow, Salata said. Last quarter, EQT transferred part of its stake in EdgeConneX into an AI infrastructure fund through an evergreen vehicle, which will hold the assets in perpetuity while allowing investors to buy and sell shares in the entity.
Besides infrastructure, EQT plans to accelerate investments in venture and buyout private equity in India, spending about $15 billion to $20 billion by 2030, Salata said.
“India is going to play a disproportionately large role in our strategy going forward just because the sheer size of the opportunity that we’ve been discussing today,” Salata said.
EQT has invested $26 billion in India since 1998 across 30 investments, with around $7 billion since 2023. Its private equity business has investments in companies such as Indira IVF Hospital Pvt Ltd., Credila Financial Services Ltd. and several IT services companies.
“AI is definitely disrupting the IT services industry, but it’s also a source of growth right now,” Salata said.
Globally, EQT manages €341 billion ($393 billion) in assets as of June 2026.
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