Credit rating agency ICRA has given a stable AA- rating to the proposed non-convertible debentures (NCDs) of NMDC Data Centre Private Limited (NMDC), pending completion of certain documentation. NMDC is part of the Yotta Infrastructure – Hiranandani group's data center business in India.
The rating considers the Hiranandani Group's strong track record in real estate, including constructing large-scale IT buildings and data centers. ICRA also recognized the benefits of NM1 data center's Tier-IV certification, ensuring high reliability with 99.995% uptime, allowing NMDC to command premium pricing.
NMDC campus is India's largest single-location data center, comprising two towers with capacities of 30.4 MW and 35.2 MW respectively. NM1 is Asia's largest and the world's second largest Tier IV data center, known for its operational reliability. Yotta is rapidly growing in India's data center industry, aiming for a target capacity of over 500 MW in the next 4 years.
The demand for data centers is expected to rise due to government initiatives like Digital India and the personal data protection bill, alongside the growth of cloud computing and new technologies. The stable outlook on the AA- rating reflects ICRA's belief in NMDC's ability to benefit from the healthy demand for data centers, strong leasing pipeline, and the proposed debt instrument's structural features.
Darshan Hiranandani, Chairman and Co-founder of Yotta, expressed their commitment to supporting government initiatives like Make in India and Digital India. He emphasized Yotta's focus on providing integrated services like colocation, cloud, and managed services to Indian and global companies through a scalable self-service model.
WhiteBoard Financial Advisors And Management (WBFAM) is the sole Rating Advisor and Transaction Advisor for NMDC.
About Yotta
Yotta Infrastructure is a modern digital services provider offering various services such as data center, cloud, Managed IT, app modernization, connectivity, and cybersecurity. They operate two large data center parks in Panvel (Navi Mumbai) and Greater Noida. Their first data center, Yotta NM1 in Panvel, was recognized as the best Data Center in the Asia-Pacific region at the 2021 Datacloud Global Awards. It is the second-largest Uptime Institute Certified Tier IV facility globally and the largest in Asia.
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