RMZ, a privately held real assets platform, has announced plans to invest over $35 billion in India over the next five years across co-location data centres, AI factories, mixed-use commercial office developments and a return to residential projects.

The investments will be funded through a mix of debt and equity, and the group is also considering an initial public offering (IPO) to secure permanent, long-term capital.

The announcement comes as India enters what RMZ describes as a period of structural institutionalisation of real assets, distinct from the cyclical capital inflows the country has historically seen.

The Union Budget 2026-27 proposed a 21-year tax holiday for foreign cloud providers using India-based data centres, and approximately $70 billion already committed nationally to the data centre sector with a further $90 billion in announced projects.

Roughly half of the $35 billion will go into digital infrastructure. RMZ, in partnership with Colt, a subsidiary of Devonshire, the family office of Fidelity’s Abigail Johnson, is building co-location data centres across Navi Mumbai, Chennai, Visakhapatnam, Hyderabad, and Bangalore.

Near-term committed capacity additions include 750 megawatts in Navi Mumbai and 485 to 500 megawatts in Vizag, following a formal agreement with the Andhra Pradesh government. The group’s five-year target is to reach 1.5 gigawatts of co-location capacity in India, at a capital outlay of $12 to $15 billion.

India currently generates approximately 20 per cent of the world’s data but accounts for just 2 per cent of global data centre capacity. National installed capacity stands at 1.1 to 1.2 gigawatts, against a projected demand of 5 to 7 gigawatts over the next five years.

RMZ has constituted a separate entity to develop AI factory capabilities on top of its existing co-location infrastructure, offering GPU as a service to cloud providers and AI companies establishing operations in India.

The balance of the capital will go into commercial real estate, led by Global Capability Centres (GCCs). India’s office market recorded an all-time high absorption of 78.2 million square feet in 2025, an 11 per cent year-on-year increase, with GCCs driving 45 per cent of total leasing activity.

RMZ operates across Bangalore, Hyderabad, Gurgaon, Mumbai, Pune and Chennai, and is targeting approximately 20 per cent of annual commercial office absorption nationally.

“The way we look at it, we need permanency of capital. And the only way you can get permanent capital is if you tap into the public markets. So all these years, we have built partnerships along with some great sovereign pension funds, strategic investors, and that has gotten us to where we are today,” said Manoj Menda, Co-Founder and Chairman, Supervisory Board, RMZ.

RMZ has, over the past two years, structurally separated ownership from management. A fully constituted Executive Board of professional CEOs and presidents now governs day-to-day operations, with independent external board members joining from April 2025. The group’s co-founders, Manoj Menda and Raj Menda, sit on the Supervisory Board as strategic investors. Capital partnerships at the asset level include the Canadian Pension Plan Board and Mitsui Fudosan within commercial real estate, and Colt at the business level within digital infrastructure.

Published on April 13, 2026