Finolex Industries- a manufacturer of PVC pipes sold its leasehold rights of 25 acres of land for Rs 470 crore to Terravista Developers Pvt Ltd in Pimpri near Pune, according to the documents accessed by CRE Matrix, a real estate data analytics firm.
The land was leased to Finolex Industries by Maharashtra Industrial Development Corporation (MIDC) in Pimpri Industrial Area near Pune.
The registration of the transfer of the lease was registered on April 03, 2024, and the stamp duty paid for the deal was Rs 23.52 crore.
According to the registered documents, Terravista Developers plan to construct a data centre on the land and the MIDC has given approval for the same.
Finolex Industries had the land on lease for 95 years and the same now stands transferred to Terravista Deelopers that will have the option to renew the lease of the land parcel for another 95 years.
Earlier in 2022, Tech giant Microsoft Corporation (India) had acquired 10.89 lakh sq ft of commercial plot in Pune from Finolex Industries for a consolidated amount of Rs 328.84 crore.
Also read: Microsoft acquires 10.89 lakh sq ft of commercial plot from Finolex Industries in Pune
Finolex Industries and Terravista Developers Pvt Ltd could not be reached for a comment.
Meanwhile, India’s data centre capacity is expected to double in three years from 0.9 GW (Gigawatt) in 2023 to around 2 GW in 2026, according to CareEdge Ratings report.
The credit rating and analytics company said that additional capacity built up has created substantial investment prospects due to the estimated capex requirement of Rs 50,000 crore in the next three years.
The CareEdge Ratings report highlights significant under-penetration of data centre capacity in India As per the report, India has a data centre capacity share of only three percent globally despite generating 20 percent of the global data. The report stated that mobile data usage in India is the highest globally compared with exabytes usage per month.
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