Kotak Bank arm may raise up to $1 bn for data centre fund

A subsidiary of Kotak Mahindra Bank is planning to raise up to $1 billion to invest in data centre business.

Kotak Alternate Assets, a division of Kotak Investment Advisors (KIAL), has announced the appointment of Subhamkar Das as the chief operating officer for the Kotak Data Centre Funds platform, an official statement said. Before joining Kotak Investment Advisors, Das was working as a data centre and build head with Bharti Airtel-owned Nxtra.

“India is at the cusp of data explosion backed by digital economy, enterprise cloud, 5G and Internet of Things,” Srini Sriniwasan, managing director, Kotak Investment Advisors, said. “Over the next five years, we see the data centre industry grow from 650 MW to 2.2 GW, requiring a cumulative investment of $7 billion.”

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Kotak Investment Advisors was established in 2005. Its manages assets of over $6.8 bln across asset classes like real estate, private equity, infrastructure, special situations fund, and investment advisory. Typically, it raises money from investors to be betted on opportunities it sees for higher returns, and usually, it puts in its own money as well.

The data centre business have attracted investments from a slew of players lately, including announcements by industrial houses like Adanis and Hiranandanis.