Luxembourg-based Innovation Platform Capital (IPC) plans to invest Rs834.8bn ($8.76bn) in Karnataka in three phases, with a focus on digital infrastructure, renewable energy and green hydrogen.
According to The Economic Times report citing Karnataka Industries Minister MB Patil, IPC has submitted proposals for the Bengaluru-Tumakuru Integrated Green Hydrogen project and a hyperscale data centre development.
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The hyperscale data centre project will have a capacity of 2,500MW of IT load, while the integrated green hydrogen project will have a capacity of 1,000MW.
The first phase is set to involve spending of Rs171.14bn. This stage includes two 200MW data centres, together with a 500MW green hydrogen plant and energy complex.
For the initial phase, IPC is seeking 1,000 acres of land, divided broadly equally between the data centre and green hydrogen parts at about 400 acres each.
Patil said a further 200 acres have been earmarked for safety measures and environmental safeguards.
The delegation said the water requirement for the projects is estimated at about 13 million litres a day, with 85% of this expected to come from treated sources.
The development comes amid broader foreign investment activity in India.
Earlier this month, the Ministry of Commerce and Industry said the country had received 29 foreign direct investment (FDI) proposals worth Rs48.95bn under a revised framework allowing investors from countries sharing a land border with India to hold non-controlling stakes of up to 10%.
Those proposals cover information technology, artificial intelligence, information and communication, manufacturing, pharmaceuticals, data centres and transport services. The investors are based in Mauritius, the US, South Korea, Japan, Singapore, Luxembourg and the Cayman Islands.
The Indian government is also reportedly weighing an increase in the threshold for FDI proposals requiring clearance from the Cabinet Committee on Economic Affairs, from Rs50bn to Rs150bn.
Under the current framework, which has been in effect since November 2015, FDI proposals above Rs50bn require CCEA approval, while those below that level are cleared by the relevant ministry.
