Adani Group Seeks $1.5 Billion Loan to Finance Data Centre Expansion

Adani Group is reportedly seeking around $1.5 billion through an offshore loan to finance its expanding data centre business as it advances a broader investment plan of approximately $100 billion in data centres and digital infrastructure by 2035. AdaniConneX, its joint venture with US-based data centre operator EdgeConneX, is negotiating with several international banks for the proposed financing, according to a Bloomberg report published on November 3, 2026. Moneycontrol+1

The proposed facility could have a repayment period of five to seven years, with discussions over pricing and other terms still underway. The lenders reportedly involved include DBS Group, First Abu Dhabi Bank and Mitsubishi UFJ Financial Group, alongside Natixis, ING and Société Générale. The financing has not been finalised, and the reported discussions should not be treated as a completed loan or confirmed funding commitment.

AdaniConneX is negotiating with six international lenders

The proposed offshore financing is being discussed by AdaniConneX, a 50:50 joint venture between Adani Enterprises and EdgeConneX, a global data centre operator.

The lenders reportedly involved in the discussions include:

Financial institution	Headquarters
DBS Group	Singapore
First Abu Dhabi Bank	United Arab Emirates
Mitsubishi UFJ Financial Group	Japan
Natixis	France
ING Bank	Netherlands
Société Générale	France

The proposed loan could have a tenor of five to seven years. However, the pricing, final loan structure and other conditions are still being negotiated.

DBS and First Abu Dhabi Bank declined to comment on the discussions, while the other lenders and Adani Group did not respond to requests for comment, according to the Bloomberg report.

The proposed financing is important because data centres require substantial upfront capital for land, buildings, electrical infrastructure, cooling systems and power connections. Long-term financing can help developers spread these costs over the period in which facilities are constructed and begin generating revenue.

Adani plans $100 billion investment in AI infrastructure by 2035

The fundraising effort is connected to Adani Group’s broader ambition to build a large AI-focused digital infrastructure business.

In February 2026, the group announced plans to invest approximately $100 billion directly in renewable-energy-powered, AI-ready data centres by 2035.

The group said the investment could help create an additional $150 billion ecosystem across server manufacturing, advanced electrical infrastructure, sovereign cloud platforms and supporting industries.

Together, the investments could support a wider AI infrastructure ecosystem valued at approximately $250 billion over the decade, according to the company’s announcement.

The strategy builds on Adani’s existing businesses in power generation, renewable energy, transmission and infrastructure.

AI data centres require significantly more electricity than many conventional data centre facilities because they support high-performance computing workloads and large numbers of specialised processors.

Adani’s energy operations could therefore provide an advantage in developing facilities that require reliable electricity supplies and long-term power arrangements.

However, the $100 billion investment plan is a long-term commitment announced by the group. It should not be confused with money already spent or the amount being raised through the proposed $1.5 billion loan.

Earlier $800 million loan adds to AdaniConneX funding activity

The latest financing discussions come a few months after AdaniConneX secured an $800 million data centre loan with an 18-month duration.

The proposed $1.5 billion facility would represent a separate financing exercise with a potentially longer repayment period.

The difference in tenor matters because data centre projects require time to move from construction to commercial operation. Longer-term funding can provide developers with additional flexibility to match debt repayment with the operating life and revenue generation of infrastructure assets.

AdaniConneX also established a major international financing framework in April 2024, raising commitments of up to $1.44 billion for data centre construction. That facility was backed by eight international lenders and was described by the company as a sustainability-linked financing arrangement.

These earlier transactions show that the joint venture has been using international debt markets to fund its infrastructure expansion.

The proposed $1.5 billion loan would add another layer to this financing strategy, although its final structure and use of proceeds have not yet been disclosed.

Google partnership gives AdaniConneX a major AI data centre project

One of AdaniConneX’s important projects is its partnership with Google to develop AI data centre infrastructure in Visakhapatnam, Andhra Pradesh.

The broader project announced in October 2025 envisaged nearly 1 GW of AI data centre capacity across three campuses, supported by investments in power transmission, renewable energy and battery storage.

In August 2026, Adani Enterprises provided further details about the project.

Management said a 400 MW order represented the first awarded phase under the broader 1 GW Google AI hub in Visakhapatnam.

Construction at the Tarluvada site began in April 2026. The company indicated that the initial 400 MW capacity would be developed over the following two-and-a-half years, while the wider construction and customer deployment process could take approximately 40–48 months.

Adani management also discussed estimated construction costs of around ₹70–75 crore per megawatt. Applying the upper end of that estimate to 400 MW would imply construction expenditure of approximately ₹30,000 crore.

This is an illustrative calculation based on management’s per-megawatt estimate, not a separately announced total project budget. It also excludes the cost of GPUs, which management said would be supplied by end customers.

The Google partnership is significant because large technology companies require specialised facilities to support AI training, cloud computing and other high-performance workloads.

Long-term customer contracts can also help data centre operators secure project financing by providing lenders with greater visibility into future revenue.

India’s data centre market attracts major investment

Adani’s fundraising plans come as India seeks to expand its data centre capacity to support growing demand for cloud services, artificial intelligence and digital applications.

India’s data centre capacity stood at approximately 1.57 GW in August 2026, according to figures cited in the Bloomberg report.

The government expects capacity to increase to nearly 8 GW by 2030. The country could attract around $200 billion in investment into the sector over the next seven to eight years, according to industry estimates cited in media reports.

Several factors are driving this expansion:

• Artificial intelligence: AI models require computing infrastructure equipped with powerful processors and specialised networking.
• Cloud computing: Businesses are moving more applications, storage and workloads to cloud platforms.
• Digital services: Financial services, e-commerce, entertainment and enterprise software require reliable data storage and processing.
• Data localisation: Some businesses need infrastructure within India to meet regulatory, operational and customer requirements.
• Energy infrastructure: Access to reliable electricity and renewable power is becoming increasingly important for large data centre campuses.

The scale of investment required is also attracting major Indian conglomerates.

Reliance Industries has separately announced plans to invest up to $110 billion over seven years in AI-related infrastructure. The investment competition highlights how large industrial groups are positioning themselves to participate in India’s expanding computing market.

Why data centres require large amounts of financing

Building a data centre involves more than constructing a commercial building.

Operators must invest in power substations, backup systems, cooling equipment, networking infrastructure, security systems and other specialised facilities.

AI-focused data centres can require even greater investment because high-density computing systems generate substantial heat and need advanced cooling and power management.

The economics also depend on how quickly a facility reaches commercial utilisation.

A newly constructed data centre may take time to attract customers, install computing equipment and generate stable operating revenue. This creates a gap between the initial capital expenditure and the eventual cash flows from customers.

Project financing and long-term customer agreements can help manage that gap.

For AdaniConneX, access to international lenders could support its expansion while allowing the company to finance infrastructure projects over longer periods.

However, borrowing also creates repayment obligations. The commercial success of the expansion will depend on customer demand, utilisation rates, electricity costs, construction timelines and the terms of its financing.

The Bigger Picture

Adani Group’s reported $1.5 billion fundraising effort reflects the growing financial requirements of India’s AI infrastructure ambitions. Data centres are becoming strategic infrastructure for cloud computing and artificial intelligence, but developing them requires substantial investment in buildings, electricity, cooling and connectivity. AdaniConneX is attempting to combine its parent’s energy and infrastructure capabilities with EdgeConneX’s data centre experience to participate in this market.

The proposed loan is still under negotiation, and its final pricing, structure and conditions remain unknown. It also forms only one part of a much larger investment plan extending to 2035. The broader opportunity will depend on whether India can attract enough customers, provide reliable power and build facilities at commercially sustainable costs. The expansion of data centre capacity alone does not guarantee profitable returns for operators.

Looking Ahead

The next milestone will be whether AdaniConneX finalises the proposed offshore loan and secures commitments from the international lenders involved in the discussions. Investors will also watch the progress of the Visakhapatnam project, particularly the construction and commissioning schedule for its initial 400 MW phase. Further disclosures about debt costs, customer agreements and the funding structure could provide a clearer picture of the project’s economics.

Over the longer term, Adani Group’s ability to execute its $100 billion investment plan will depend on financing availability, demand for AI computing, access to advanced hardware and the reliability of its energy infrastructure. Competition from Reliance and other infrastructure developers is likely to intensify as India’s data centre market expands. The proposed financing is an early indicator of the capital required to compete in this emerging sector.