EQT India data centre investment will account for $30bn of the Swedish firm’s planned $50bn commitment to the country by 2030, with the bulk flowing through its partnership with Gautam Adani’s business empire, Bloomberg reported, citing EQT‘s chair Jean Salata.
Salata made the comments to reporters in Mumbai. Of the $30bn earmarked for data centres, a further $5bn has been set aside for renewable energy to power them, he said. Beyond infrastructure, EQT plans to deploy an additional $15bn to $20bn in venture and buyout private equity investments in India by 2030.
EQT India data centre investment routed through AdaniConneX
EQT will channel its data centre capital through portfolio company EdgeConneX, which formed a 50-50 joint venture with Adani Enterprises in 2021. The resulting entity, AdaniConneX, is focused on building a network of hyperscale data centres across the country. According to Adani Enterprises, the joint venture is targeting the Chennai, Navi Mumbai, Noida, Vizag and Hyderabad markets as its initial footprint.
The green energy element is not incidental. Salata said the data centre commitments would be paired with battery energy storage as part of the broader renewables allocation, underscoring that power supply is as much a constraint as capital in scaling AI infrastructure at this pace.
Adani Group itself has been moving in the same direction. In February, the conglomerate said it planned to invest $100bn to develop green-powered, AI-ready data centres by 2035. Separately, Reuters has reported that Adani Group is seeking to invest up to $5bn in Alphabet-owned Google’s India AI data centre project, a deal that would deepen ties between the two groups well beyond the EQT joint venture.
India’s data centre race draws in global capital
The EQT announcement drops into an increasingly crowded field. India currently accounts for less than 5% of EQT’s global infrastructure investments, Salata said, adding he saw clear room for that share to grow. The firm has invested $26bn in India since 1998 across 30 investments, including roughly $7bn since 2023. Globally, it manages €341bn ($391.7bn) in assets as of June 2026.
Other large allocators are moving in parallel. Blackstone, Brookfield Asset Management, Warburg Pincus and Bain Capital have all been expanding their data centre exposure in India. Amazon has committed $12.7bn to cloud infrastructure in the country through 2030. Alphabet, meanwhile, is investing approximately $15bn in an AI infrastructure hub in Visakhapatnam, Andhra Pradesh.
That Visakhapatnam project is substantial in its own right. According to an EdgeConneX press release on the Adani-Google partnership, the hub is a multi-faceted investment spanning gigawatt-scale data centre operations, a subsea cable network and clean energy, designed to handle the most demanding AI workloads in India over a five-year window from 2026 to 2030. The scale of that single project illustrates how quickly India’s data centre landscape has moved from a secondary market to a primary destination for global infrastructure capital.
Last quarter, EQT transferred part of its stake in EdgeConneX into an AI infrastructure fund via an evergreen vehicle. The structure holds the assets in perpetuity while allowing investors to trade shares in the entity, a model that provides liquidity without forcing asset sales.
‘India is going to play a disproportionately large role in our strategy going forward just because the sheer size of the opportunity that we have been discussing today,’ Salata was quoted as saying. With $30bn targeted at data centres alone and a further $15bn to $20bn in private equity, the commitment is one of the largest single-country allocations EQT has announced publicly. The next step will be watched closely: whether AdaniConneX’s expansion into its five target markets proceeds on schedule will be an early test of whether those numbers hold.
