Lodha Developers signs pact with Maharashtra govt for additional Rs 1 lakh cr investment

New Delhi, Jan 20 (PTI) Realty firm Lodha Developers Ltd has signed an initial pact with the Maharashtra government for an additional Rs 1 lakh crore investment to build a data centre park.

The company, four months ago, signed a memorandum of understanding (MoU) of Rs 30,000 crore with the state government to develop a data centre.

In a regulatory filing on Tuesday, the company said it has committed to another Rs 1 lakh crore.

On January 19, Abhishek Lodha, MD and CEO of Lodha Developers, signed an MoU with the government of Maharashtra in the backdrop of the World Economic Forum at Davos.

With the additional Rs 1 lakh crore, the total commitment has reached Rs 1.3 lakh crore. "With the total investment of Rs 1.3 lakh crore on approximately 2.5 gigawatt data centre park, it is slated to be the largest in the country," Lodha Developers said.

In September last year, Lodha Developers had signed an agreement for Rs 30,000 crore with the Maharashtra government to develop a data centre under the government's Green Integrated Data Centre Park policy.

The latest agreement of another Rs 1 lakh crore will bolster the group's commitment to Maharashtra's growth.

"The data centre park with a total investment of Rs 1.3 lakh crore will create over 16,000 direct and indirect jobs," the company said.

The park, with a capacity of approximately 2.5 gigawatts, will accommodate several major international and domestic players.

Amazon has already acquired a land parcel for its data centre and also made arrangements for its power requirements for the next 15 years.

Singapore-based STT Global Data Centres has also acquired a land parcel in the park.

Lodha Developers will play the role of developer for several players who are keen on setting up data centres.

"Over and above the Rs 30,000 crore commitment last year to develop the data centre park, we have signed another agreement with the government of Maharashtra to invest an additional Rs 1 lakh crore. The state has already scaled newer heights under the leadership of Devendra Fadnavis, Chief Minister of Maharashtra," said Abhishek Lodha.

The Maharashtra government on Monday signed 19 MoUs involving investment commitments worth Rs 14.5 lakh crore and over 15 lakh jobs on its first day here for the World Economic Forum Annual Meeting.

Announcing details, the state said these MoUs are across sectors and underscore strong global confidence in Maharashtra's consumer markets, infrastructure readiness, and long-term growth fundamentals.

Lodha Developers, which sells properties under the Lodha brand, is one of the leading real estate developers in the country.

During the last fiscal, the company's sales bookings increased to Rs 17,630 crore, as against Rs 14,520 crore in the preceding year.

For the current financial year, Lodha has set a sales bookings target of Rs 21,000 crore.

Since its inception, the company has delivered 110 million sq ft of real estate and is developing more than 130 million sq ft under its ongoing and planned portfolio. PTI MJH DRR