Lodha Developers Ltd. signed a memorandum of understanding of Rs 30,000 crore with the Maharashtra government on Thursday for a green integrated data centre park in Mumbai.
Under the policy, data centres that significantly consume electricity will be powered by green and alternative energy sources. Initially, the company will set up three parks under the project in the Mumbai region, according to its exchange filing.
The total proposed investment for the project stands at Rs 30,000 crore and it will create 6,000 direct and indirect jobs. The investment will be from Lodha and the other data centre players, it added.
The park will have a planned capacity of 2 GWs and it is designed to host multiple leading international as well as domestic players.
"The Green Integrated Data Centre Parks policy will not only create employment opportunities, boost Maharashtra's & Indian economy, but will also operate on clean and green energy sources benefiting generations," said Abhishek Lodha, chief executive officer of Lodha Developers, formerly known as Macrotech Developers
This comes a year after the government approved the green integrated data centre park in the Mumbai Metropolitan Region. The government in 2019 had declared the integrated data centres as a 'thrust area' for industrial growth in the state. The demand for data centres was on the rise on the back of growing cloud computing, artificial intelligence and digital services. This was the government's move to ensure that data centres thrived in the state.
Lodha Share Price
The business update was shared aftermarket hours. The stock settled 0.17% lower at Rs 1,179.6 apiece on the NSE, compared to a 0.13% advance in the benchmark Nifty 50. Lodha shares have fallen 1.52% in the last 12 months and 15.10% year-to-date.
Out of 18 analysts tracking the company, 15 maintain a 'buy' rating, two recommend a 'hold' and one suggests 'sell', according to Bloomberg data. The average 12-month consensus price target of Rs 1,501.82 implies an upside of 27.3%.
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