The deal is an internal consolidation for Blackstone, as both AirTrunk and Lumina CloudInfra are part of the same portfolio. By integrating Lumina into AirTrunk, Blackstone gives its Asia-Pacific data center platform an entry point into the Indian hyperscale without a third-party acquisition. Terms of the deal were not disclosed.
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AirTrunk, the Blackstone-owned Asia-Pacific data center operator, is acquiring Lumina CloudInfra, a data center developer with a focus on India, 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, contracts and customer relationships, and operational capabilities, including approximately 600 megawatts of planned capacity in major Indian cities, representing up to $5 billion in growth potential.
The deal has an unusual structure: both companies are entities of Blackstone. Lumina CloudInfra was founded by Blackstone in 2022 as an independent hyperscale data center platform with a focus on India, with seed capital and guidance from local industry veterans.
AirTrunk, the largest independent data center manager in Asia Pacific, was acquired by Blackstone in December 2024 for A$24 billion, Blackstone’s largest transaction in the region. Rather than bring in a third-party buyer, Blackstone is consolidating its two data center platforms under a single operating entity, providing AirTrunk with a ready-made entry point into India with existing land locations, customer relationships and a management team with deep local market experience.
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Following the acquisition, AirTrunk will operate in six markets: Australia, Singapore, Japan, Malaysia, Hong Kong and India, with a combined portfolio of over 3 gigawatts of operational and planned capacity across 20 campuses. Lumina's planned 600MW pipeline is spread across India's Tier-1 cities, starting with Mumbai and Chennai and extending to Pune, Delhi/NCR and Hyderabad.
Lumina co-founder and CEO Sujeet Deshpande, former head of Colt’s data center operations in India who previously led Reliance Jio Infocomm, described the deal as a combination of “local strength with global platforms.” AirTrunk founder and CEO Robin Khudadescribed India as “one of the largest and fastest-growing markets for hyperscale and AI infrastructure globally” and said the acquisition positions the company to “deliver the scale, speed and performance our customers need as they expand across the Asia-Pacific region.”
Peng Wei Tan, Blackstone's Senior Managing Director of Real Estate, described it as reinforcing "one of Blackstone's highest-priority convictions, digital infrastructure," and noted that as the world's largest data center investor, Blackstone is well positioned to meet growing demand in the fastest-growing economies of Asia-Pacific.
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India’s data center market has attracted significant international capital in recent years as hyperscale cloud providers including AWS, Microsoft Azure and Google Cloud accelerate their growth in the country. Blackstone had previously committed to investing approximately $11 billion in Indian data centers, with Lumina as the lead vehicle. The integration of Lumina into AirTrunk’s global operating platform provides these investments in India with access to AirTrunk’s hyperscale customer network, global design and manufacturing standards and Blackstone’s full capital resources.
