Hillhouse-backed TeraNova DC targets 2GW of India data centre capacity by 2032
TeraNova DC, a data centre platform backed by Singapore-based Hillhouse Investment, plans to develop over 2 gigawatts of capacity across five Indian states by 2032. The Mumbai-headquartered company targets hyperscalers and AI workloads, using modular construction methods to cut costs.
TeraNova DC, a new data centre platform backed by Singapore-headquartered Hillhouse Investment, plans to develop more than 2 gigawatts of data centre capacity in India by 2032, exceeding the country’s current installed stock. The Mumbai-based company aims to build facilities in Maharashtra, Telangana, Andhra Pradesh, Delhi NCR and Gujarat, according to Sanjay Bhutani, who was appointed as chief executive last week.
The platform’s target markets exclude Chennai, which together with Mumbai accounted for almost all of the 85 megawatts of new supply delivered in India in the first half of 2026, according to JLL’s mid-year sector report. TeraNova’s capacity plan is larger than India’s current operating stock, which CBRE said was around 1.75 gigawatts at the end of June.
“India’s digitization vision is entering a defining phase,” Bhutani said. “As hyperscalers, enterprises and a new generation of AI start-ups scale their ambitions, the country will require gigawatt-scale data centre campuses that provide compute-ready infrastructure and deployment certainty.”
TeraNova plans to build gigawatt-scale campuses for hyperscale cloud, enterprise and high-density AI workloads, targeting hyperscalers, AI infrastructure providers, neo-cloud companies and large enterprises. The company intends to use design for manufacturing and assembly (DFMA) to cut production costs, along with modular construction and prefabricated power and cooling systems, standardised specifications and coordinated procurement to secure long-lead equipment. It did not disclose its investment budget or a target date for commissioning its first campus.
Bhutani has close to 30 years of experience across IT, telecom and digital infrastructure, according to TeraNova, which said he played a major role in forming and growing AdaniConneX, the joint venture between Adani Enterprises and EdgeConneX. Bhutani was joint president and chief business officer of AdaniConneX, which aims to develop 5 gigawatts of facilities across India. He described his career as running “from telecom to cloud, and now to AI” in a LinkedIn post announcing his appointment.
TeraNova adds a data centre business to a growing Indian real assets portfolio for Hillhouse. Mint reported that Hillhouse has committed more than US$1.8 billion in India through Alta Capital, the firm founded by Siddhartha Gupta. Hillhouse’s Indian holdings include managed office operator TableSpace, logistics owner LogiCap and student housing company Elevate Campuses, which listed in September after raising about US$219 million in an initial public offering. In late 2024, Hillhouse’s real assets arm Rava Partners bought a set of Indospace warehouses for nearly US$100 million. TeraNova’s statements did not say whether the platform sits within Rava or Alta.
TeraNova is entering a data centre market that has attracted about US$173 billion in investment commitments since 2021, including about US$38 billion in the first half of 2026, according to CBRE. Domestic investors account for 38 per cent of cumulative capital, ahead of US investors at 27 per cent. JLL expects India’s data centre capacity to reach 6 gigawatts by 2029, requiring US$110 billion in investment, and says global hyperscalers have committed more than US$50 billion to 1.4 gigawatts of self-built capacity. Cushman & Wakefield puts India’s development pipeline at nearly 3.9 gigawatts of under-construction and planned projects, with Visakhapatnam emerging as a new destination for AI-focused data centre investments.
