Private Equity

PE-VC Fund Investments

TPG to invest $1-B in data centre arm of TCS for 49% stake

Press Release   Mint  

San Francisco-based private equity firm TPG is to invest USD 1 Billion (INR 8,820 crore) for a 49% stake in HyperVault AI Data Centre, a subsidiary of Mumbai-based IT services firm Tata Consultancy Services (TCS). TCS will retain ownership with a 51% stake.For this transaction, AZB & Partners served as legal counsel for TCS, with Deloitte Touche Tohmatsu India LLP as tax advisors. TPG was advised by Cyril Amarchand Mangaldas and Latham & Watkins LLP on legal matters and Price Waterhouse & Co. LLP for tax advice.HyperVault AI Data Centre was formed to build 1 GW of data centre capacity by 2031. Deepesh Nanda, currently the head of Tata Power Renewable Energy, is expected to lead HyperVault AI Data Centre.TCS and TPG plan to jointly invest up to INR 18,000 crore over the next few years. TCS aims to construct a more than 120 MW data centre facility in Navi Mumbai.