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K Raheja Corp would sell land to Adani Group for Rs. 15 billion

2022-07-19

The Adani Group is planning to pay approximately Rs 15 billion for the two property plots totaling 92 acres owned by real estate developer K Raheja Corp in Navi Mumbai's Airoli neighbourhood.

The two land parcels will be given to AdaniConneX, a worldwide hyperscale data centre joint venture between Adani Enterprises and EdgeConneX, a US-based provider.

The majority of procedures and accompanying paperwork have almost all been completed, and the transactions are likely to be completed within the next several weeks.

Adani Enterprises, the parent company of the Adani Group, and EdgeConneX formed a joint venture in February 2021 to build and run data centres across India. The joint venture's main objective is to establish a nationwide network of hyperscale data centres, beginning with the Chennai, Navi Mumbai, Noida, Vizag, and Hyderabad markets.