The centrepiece is a 3GW campus at the Raigad Penn Growth Centre on the outskirts of Mumbai, for which AirTrunk has signed a letter of intent for land allotment with the Maharashtra government. According to a single industry report, that project alone carries an estimated price tag of $21 billion, though the figure has not been confirmed by AirTrunk or the Maharashtra government.

“Capital is mobile, and India is creating the conditions for it to thrive,” Khuda said. “India is taking a top-down approach to AI with clear government-led initiatives, a world-class talent pool, and massive availability of renewable energy.”

Why India, why now

India's data centre market has been accelerating since 2024, but the pace of new commitments in 2026 has been extraordinary. Google has pledged $15 billion for a southern Indian data centre hub. Microsoft has committed $17.5 billion. Amazon is targeting up to $35 billion by 2030. The Adani Group has reportedly outlined a $100 billion programme through 2035, including a 5GW renewable-powered hyperscale platform, though those figures come from industry reports rather than a formal company commitment.

The government has matched the private capital with policy. India's February budget introduced a 20-year tax holiday through 2047 for foreign technology firms using Indian data centres for global cloud services. The IndiaAI Mission has received approximately £1 billion ($1.2 billion) in funding, and the India Semiconductor Mission has been backed with approximately £7.5 billion ($9 billion).

AI-related colocation leasing more than doubled to 348MW in the past year, now accounting for nearly 20% of total demand. Between March 2025 and April 2026, operators announced roughly 30 large projects adding about 3.5GW of planned capacity across the country. Schneider Electric expects its India data centre business to become its single largest unit within three to five years.

Blackstone's hyperscale bet

AirTrunk is the vehicle through which Blackstone is making its largest infrastructure play in the Asia-Pacific region. The private equity giant acquired AirTrunk in December 2024 for an implied enterprise value of over A$24 billion ($16 billion), alongside Canada Pension Plan Investment Board, which took a 12% stake. It was the largest data centre transaction in history at the time.

Blackstone has since been expanding AirTrunk's footprint aggressively. The platform now spans more than 3GW of operating and planned capacity across 20 campuses in six regions: Australia, Singapore, Japan, Malaysia, Hong Kong, and India. Separately, Blackstone is seeking up to $1.75 billion in a NYSE IPO for its Digital Infrastructure Trust, packaging hyperscaler-leased AI data centres as a public REIT.

The India push fits a clear pattern. Blackstone had already committed approximately $11 billion to Indian data centres through Lumina before the AirTrunk acquisition. The new $30 billion figure nearly triples that exposure.

The execution question

The numbers are staggering, but so is the gap between announcements and operational capacity. India's total live IT capacity exceeded 1.6GW by the end of 2025, the product of years of cumulative buildout. Just 371MW was added in 2025 alone. AirTrunk's proposed 5GW, combined with the commitments from Google, Microsoft, Amazon, and Adani, would require India to build more capacity in the next four years than it has built in its entire history, several times over.

The discussions between Khuda and government officials reportedly focused on precisely the bottlenecks that could slow that buildout: access to reliable and cost-effective power, renewable energy, sustainable water supply, talent development, streamlined approvals, and coordination between state and federal governments on strategic infrastructure.

India is not the only country chasing hyperscale AI infrastructure investment. Malaysia, Saudi Arabia, and several European nations are offering competing incentive packages. AirTrunk itself recently expanded its Malaysian platform to over 700MW. The $30 billion figure signals intent, but the timeline to 2030 leaves room for the kind of recalibration that large infrastructure programmes routinely undergo.

What is not in question is the direction of travel. Whether the final number is $30 billion or something smaller, India is rapidly becoming one of the world's primary construction sites for the physical infrastructure that AI requires. The question is whether the country's grid, water supply, and planning systems can keep pace with the capital flooding in.