Highlights

• TCS and TPG have entered into agreements for an investment of up to ₹18,000 crore to scale HyperVault’s AI-ready data center platform.
• TPG will invest up to ₹8,820 crore, with an envisaged final shareholding between 27.5% and 49% in HyperVault.
• The partnership supports HyperVault’s plan to build GW-scale AI-ready infrastructure as India’s data center capacity is projected to exceed 10 GW by 2030.

Tata Consultancy Services Limited (NSE:TCS) has entered into a Securities Subscription Agreement and a Shareholders’ Agreement with TPG Terabyte Bidco Pte. Ltd. and HyperVault AI Data Center Limited, its wholly owned subsidiary. These agreements outline TPG’s participation in an investment initiative aimed at building HyperVault’s next-generation AI data center platform. The proposed transaction includes a mix of equity contributions from both partners and debt.

TPG Investment and Ownership Structure

TCS and TPG will jointly commit up to ₹18,000 crore over the next few years to expand the HyperVault platform. Of the total amount, TPG will invest up to ₹8,820 crore and is expected to hold a final shareholding of between 27.5% and 49% in HyperVault. TPG’s participation will be channelled through TPG Rise Climate and its Global South Initiative, along with support from its Asia Real Estate business.

AI Infrastructure Demand Accelerates

As global and domestic demand for AI capabilities increases, AI-ready data centers have become a critical requirement for hyperscalers, AI companies, enterprises, and public-sector institutions. These facilities enable the deployment of compute hardware, high-speed storage and low-latency networks needed to operate large-scale AI models. India’s current data center capacity of approximately 1.5 GW is projected to surpass 10 GW by 2030, driven by sustained investments and rapid digitisation. Industry estimates indicate that nearly $94 billion has flowed into the Indian data center market since 2019.

HyperVault’s Infrastructure Roadmap

HyperVault plans to develop secure, reliable and large-scale AI-ready data centers with liquid cooling, high rack densities, energy efficiency and connectivity across key cloud regions. The platform aims to deliver AI infrastructure that supports hyperscalers and AI-focused organizations through purpose-built facilities designed for modern compute-intensive workloads.

Advisors and Regulatory Conditions

TCS was advised by AZB & Partners as legal counsel and Deloitte Touche Tohmatsu India LLP as tax advisors. TPG received legal advice from Cyril Amarchand Mangaldas and Latham & Watkins LLP, with tax advisory services from Price Waterhouse & Co. LLP. The transaction remains subject to conditions precedent and statutory approvals.

TCS shares were trading 0.27% higher at ₹3,153.30 per share during trading session on 21 November 2025.

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