Universal Success Enterprises Limited, a Singapore-based real estate developer, has committed to investing Rs 2,000 crore (~$240m) in a data center in West Bengal, reports the Times of India.
The chairman of Universal Success, Prasoon Mukherjee, signed a Memorandum of Understanding (MoU) for the project at the recent Bengal Global Business Summit (BGBS).
The planned Indian data center is set to be developed in the Bengal Silicon Valley in New Town, Kolkata. According to Mukherjee, the project will be completed in the next four to five years.
“The commencement of the data center project depends on a cable landing in the state. It will only take shape after that," added Mukherjee.
The BGBS also saw the launch of new policy initiatives, including the West Bengal Cable Landing Policy 2023. The policy includes a target by the state government to set up 10 landing stations along the coastline by 2025. One landing station is already under development at Digha in East Midnapore.
The eastern region faces some connectivity challenges, and Bengal is an ideal location for Internal cable landing stations. The new policy will see the state provide a 100 percent exemption in stamp duty and registration fees for any transaction related to internet cable landing stations in the state. Government electricity duty will also be waived for the first five years of operations.
The Bengal Silicon Valley is also home to the in-progress NTT data center campus. NTT will invest $241.5 million in the campus in total, with the site expected to be operational in 2024.
Founded in 1995, Universal Success Enterprises has a number of real estate developments - including residential, logistics, and an IT park - around Kolkata.