The deal is an internal Blackstone consolidation, both AirTrunk (acquired for A$24 billion in 2024) and Lumina CloudInfra (launched by Blackstone in 2022) sit within the same portfolio.
By folding Lumina into AirTrunk, Blackstone gives its Asia-Pacific data centre platform a foothold in India’s hyperscale market without a third-party acquisition. Terms were not disclosed.
AirTrunk, the Asia-Pacific data centre operator owned by Blackstone, is acquiring Lumina CloudInfra, an India-focused data centre developer, marking AirTrunk’s entry into one of the world’s fastest-growing digital infrastructure markets.
The acquisition gives AirTrunk access to Lumina’s development pipeline, customer contracts and relationships, and operational capabilities, including approximately 600 megawatts of planned capacity across India’s major cities, representing up to $5 billion of development potential. Financial terms were not disclosed.
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The deal has an unusual structure: both companies are Blackstone entities. Lumina CloudInfra was launched by Blackstone in 2022 as a standalone India-focused hyperscale data centre platform, seeded with significant capital and led by local industry veterans.
AirTrunk, Asia-Pacific’s largest independent data centre operator, was acquired by Blackstone in December 2024 for A$24 billion, Blackstone’s largest ever transaction in the region.
Rather than bring in a third-party acquirer, Blackstone is consolidating its two data centre platforms under a single operating entity, giving AirTrunk a ready-built India entry point with existing land positions, customer relationships, and a management team with deep local market experience.
Post-acquisition, AirTrunk will operate across six markets: Australia, Singapore, Japan, Malaysia, Hong Kong, and India, with a combined portfolio of more than 3 gigawatts of operating and planned capacity across 20 campuses.
Lumina’s planned 600MW pipeline is spread across India’s Tier-1 cities, beginning with Mumbai and Chennai and extending to Pune, Delhi/NCR, and Hyderabad.
Lumina’s co-founder and CEO Sujeet Deshpande, a former head of Colt Data Center Services’ India operations who previously led Reliance Jio Infocomm’s integrated data centres, framed the deal as combining “local strength with global platforms.”
AirTrunk’s founder and CEO Robin Khuda described India as “one of the largest and fastest growing markets for hyperscale and AI infrastructure worldwide” and said the acquisition positions the company to “deliver the scale, speed, and performance our customers need as they expand across the APAC region.”
Peng Wei Tan, Senior Managing Director of Real Estate at Blackstone, framed it as reinforcing “one of Blackstone’s highest conviction themes, digital infrastructure,” and noted that as the world’s largest data centre investor, Blackstone is positioned to meet rising demand across Asia-Pacific’s fastest-growing economies.
India’s data centre market has attracted significant international capital in recent years as hyperscale cloud providers, AWS, Microsoft Azure, Google Cloud, and others, accelerate their buildout in the country.
Blackstone had previously committed to investing approximately $11 billion in Indian data centres, with Lumina as the primary vehicle.
Integrating Lumina into AirTrunk’s global operating platform gives those India investments access to AirTrunk’s hyperscale customer network, global design and construction standards, and Blackstone’s full capital resources, a consolidation of capabilities rather than a simple financial transaction.