Daijiworld Media Network - Mumbai

Mumbai, Sep 11: Lodha Developers Ltd. inked a memorandum of understanding worth Rs 30,000 cr with the Maharashtra government to build a green integrated data centre park in the Mumbai region.

According to the company’s exchange filing, the project will initially include three data centre parks powered entirely by green and alternative energy sources, with a planned capacity of 2 GWs. The mega investment is expected to create around 6,000 direct and indirect jobs, with funding from Lodha and other leading domestic and international data centre players.

“The Green Integrated Data Centre Parks policy will not only create employment opportunities and boost Maharashtra’s and India’s economy, but will also operate on clean and green energy sources benefiting generations,” said Abhishek Lodha, CEO of Lodha Developers (formerly Macrotech Developers).

The state government had approved the policy last year, following its 2019 declaration of integrated data centres as a ‘thrust area’ for industrial growth, driven by rising demand for cloud computing, artificial intelligence, and digital services.

Lodha’s stock closed 0.17% lower at Rs 1,179.6 on the NSE, even as the benchmark Nifty 50 gained 0.13%. Bloomberg data shows 15 of 18 analysts maintain a buy rating, with an average 12-month target of Rs 1,501.82, implying a potential 27.3% upside.