Tata Consultancy Services Ltd. has raised $1 billion from TPG for its AI data centre business called HyperVault, as part of its endeavour to become the world’s largest AI-led IT services company.
The San Francisco-based private equity firm and India’s largest IT services firm will invest a total of ₹18,000 crore (about $2 billion) in HyperVault over the next few years, according to a statement on Thursday. While TCS will retain a majority stake of 51% in the joint venture, TPG will invest up to ₹8,820 crore for a 27.5-49% stake.
“I’m delighted to have TPG join us in our journey to build large GW-scale AI data centres in India, tapping the rapidly growing AI demand,” TCS Chairman N. Chandrasekaran said in the statement. “It will further strengthen our partnership with hyperscalers and AI companies.”