Hillhouse-backed TeraNova DC appoints CEO for 2 GW India data centre push

Sanjay Bhutani has been appointed chief executive officer of Hillhouse Investment-backed data centre platform TeraNova DC. The new CEO brings nearly three decades of experience in IT, telecom, and digital infrastructure to lead the company's plan to develop more than 2 gigawatts of data centre capacity in India by 2032.

Bhutani previously played a leading role in the formation and growth of AdaniConneX, the joint venture between Adani Enterprises and EdgeConneX, where he was joint president and chief business officer. He has also led data centre strategies for multinational organisations and contributed to developing some of Asia’s largest data centres. In a LinkedIn post, Bhutani described his career as running from telecom to cloud, and now to AI. He called the TeraNova role a significant opportunity to help build the infrastructure India will need for its next phase of digital growth.

"India’s digitization vision is entering a defining phase," Bhutani said. He added that as hyperscalers, enterprises, and AI start-ups scale their ambitions, the country will require gigawatt-scale data centre campuses that provide compute-ready infrastructure.

Scale and scope of planned development

TeraNova DC aims to develop over 2 GW of data centre capacity across key Indian states by 2032. This planned capacity exceeds India's current installed data centre stock, which was around 1.75 GW at the end of June. The company is targeting hyperscalers, AI infrastructure providers, neo-cloud companies, and large enterprises with a focus on five key markets.

Chennai is notably excluded from TeraNova DC's target markets, despite Chennai and Mumbai together accounting for almost all of the 85 megawatts of new supply delivered in India in the first half of 2026. The company plans to invest approximately $12-15 billion, with development centred on strategically located land banks, power-ready sites, and scalable campus infrastructure designed for hyperscale cloud, enterprise, and high-density AI workloads.

Execution approach and market context

The company will use modular construction, prefabricated power and cooling systems, and Design for Manufacture and Assembly (DFMA) techniques to improve quality, consistency, and deployment timelines. It also plans to use standardised specifications and coordinated procurement to secure long-lead equipment. TeraNova DC did not disclose its exact investment budget or a target date for commissioning its first campus.

The platform is entering a fiercely competitive market. India's data centre sector has attracted about $173 billion in investment commitments since 2021, with about $38 billion pledged in the first half of 2026 alone. Capital sources are diverse, with domestic investors accounting for 38 percent of cumulative capital and US investors accounting for 27 percent. JLL expects India's total data centre capacity to reach 6 GW by 2029, requiring $110 billion in investment. The firm also reports that global hyperscalers have committed more than $50 billion to 1.4 GW of self-built capacity. Rival AdaniConneX aims to develop a target of 5 GW of facilities across India.

Hillhouse's broader India real estate footprint

Hillhouse Investment has a significant existing real estate footprint in India through its platform Alta Capital, to which it has committed more than $1.8 billion. Its Indian holdings include TableSpace, a managed office operator; LogiCap, a logistics owner; and Elevate Campuses, a student housing company that listed in September after raising about $219 million in an IPO. In late 2024, Hillhouse's real assets arm, Rava Partners, bought a set of Indospace warehouses for nearly $100 million. At that time, Alta Capital accounted for $1.1 billion of the $2.5 billion Rava had committed across Asia Pacific. TeraNova's statements did not specify whether the new data centre platform sits within Rava Partners or Alta Capital.

TeraNova DC, headquartered in Singapore and based in Mumbai, plans to develop over 2 GW of data centre capacity across key Indian markets by 2032. The company will use modular construction and DFMA to meet rising demand from hyperscalers and AI infrastructure providers.