CPP Investments backs CtrlS India data centre expansion

Canada Pension Plan Investments, one of the world's largest investors in private equity, has agreed a strategic partnership with CtrlS Datacenters in India, including an equity investment and a joint venture commitment worth up to CAD $1 billion (INR 70 billion).

Under the arrangement, CPP Investments will invest CAD $588 million (INR 40 billion) for an 8.2 per cent stake in CtrlS.

The two groups will also form a joint venture to develop hyperscale data centre campuses across India, with CPP Investments committing up to CAD $441 million (INR 30 billion) for a 48 per cent holding, with CtrlS retaining 52 per cent.

The agreement gives the Canadian pension investor deeper exposure to India's data centre market as demand rises from cloud providers, artificial intelligence workloads and large-scale digital services. 

India has become a focus for global infrastructure investors as data use expands and companies seek local computing and storage capacity. The market has attracted investors looking for long-duration assets tied to the growth of digital services, while operators race to add sites capable of serving hyperscale customers. Google is building a USD $15B AI hub in Visakhapatnam, while Amazon has pledged USD $35 billion investment in India's cloud space by 2030.

For CPP Investments, the transaction adds to a global data centre investment program that began with its first direct investment in the sector in 2017. Since then, it has built a portfolio of data centre assets and joint ventures across major international markets, including the Asia Pacific.

CPP Investments manages the fund for more than 22 million contributors and beneficiaries of the Canada Pension Plan. At the end of March 2026, the fund totalled CAD $793.3 billion.

The move also builds on CPP Investments' longer history in India. It made its first investment in the country in 2009 and opened a Mumbai office in 2015. At the end of March 2026, it held more than CAD $27 billion (INR 1,850 billion) of net assets in India, making it one of the country's larger international institutional investors.

"As one of the world's fastest-growing digital markets, India represents an important pillar of our global data centre strategy," said Max Biagosch, Senior Managing Director and Global Head of Real Assets at CPP Investments. "Demand for data centre infrastructure in India continues to accelerate, driven by hyperscale expansion, strong domestic cloud growth and emerging AI-led demand."

CtrlS, founded by Sridhar Pinnapureddy, has built its business around data centre operations in India. The partnership is intended to support further expansion as AI-related computing needs accelerate and customers seek facilities designed for larger, more intensive workloads.

"India's AI moment is not on the horizon; it is already here. The demand signals from hyperscalers, cloud providers and enterprises are clear and unmistakable. Over the years, CtrlS has focused on reliability, sustainability and long-term growth. Our partnership with CPP Investments reinforces these values. Together, we are not merely expanding capacity but also establishing the benchmark for AI-ready infrastructure in one of the world's most significant digital markets," said Pinnapureddy, who also serves as Chief Executive Officer.