Investment firm Canada Pension Plan Investment Board (CPP Investments) is investing in Indian data center firm CtrlS.
The Canadian pension fund this week announced a strategic partnership with CtrlS Datacenters, committing up to INR 70 billion (US$740.8 million) to scale the operator’s footprint.
As part of the partnership, CPP will invest INR 40 billion ($423.3 million) to acquire an 8.2 percent stake in CtrlS.
CPP Investments and CtrlS will also form a joint venture to develop hyperscale data center campuses across India, with CPP Investments committing up to INR 30 billion ($317.5m) to the JV. CPP will hold 48 percent equity ownership in the JV, with CtrlS owning the remaining 52 percent.
Max Biagosch, senior managing director and global head of real assets at CPP Investments, said: “This investment builds on more than a decade of investing in India and the strength of our local platform. With an established presence on the ground, we continue to focus on investing alongside high-quality partners such as CtrlS and executing with discipline over the long term.”
Founded in 2007, CtrlS has facilities live or in development across Mumbai, Chennai, Bangalore, Noida, Hyderabad, and Kolkata, with Edge locations in Lucknow, Bhopal, Ahmedabad, and Patna. According to its website, the firm has 19 facilities live across nine markets, totaling 370MW. The firm is targeting 2GW of capacity by 2030.
Sridhar Pinnapureddy, founder & CEO, CtrlS, added: “India’s AI moment is not on the horizon; it is already here. The demand signals from hyperscalers, cloud providers, and enterprises are clear and unmistakable. Over the years, CtrlS has focused on reliability, sustainability, and long-term growth.
“Our partnership with CPP Investments reinforces these values. Together, we are not merely expanding capacity but also establishing the benchmark for AI-ready infrastructure in one of the world’s most significant digital markets.”
CPP Investments made its first direct data center investment in 2017. The company has an existing portfolio of data center joint ventures and investments across Australia, Hong Kong, Japan, Malaysia, Singapore, the US, South Korea, and Canada. Its fund totals CA$793.3 billion (US$565.4bn).