TPG to invest $1 bn in TCS's data centre biz

TPG is to pick up a 49% stake in TCS arm HyperVault AI Data Centre

- Jas Bardia & Varun Sood

San Francisco based TPG is to invest ₹8,820 crore to acquire the stake.

(ISTOCKPHOTO)

American private-equity giant TPG has agreed to invest $1 billion in Tata Consultancy Services' data centre business, as the country's largest information technology services company looks to entrust a Tata Group executive with heading the business.

San Francisco-based TPG, which has $286 billion in assets under management, agreed to invest ₹8,820 crore to pick up a 49% stake in HyperVault AI Data Centre, the subsidiary TCS set up last month as part its plan to build IGW of data centre capacity by 2031. TCS will own the remaining 51%.

Deepesh Nanda, who currently heads Tata Power Renewable Energy Ltd, a subsidiary of Tata Power Ltd, is likely to head HyperVault AI Data Centre, according to an executive privy to the development.