- The short — 5 takeaways
- Data center build-out: sites, MWs, and PUE
- Semiconductor lines: packaging vs fab timelines
- Power: demand, tie-ups, and grid constraints
- Operator & investor playbooks
The short
- Land & permits are the gating factor—power-ready parcels in Mumbai/NCR/BLR trading at premiums.
- Green PPAs with firming (RTC) are the new moat; open-access slots in certain states are tight.
- Semis—OSAT/ATMP ramps precede wafer fabs; skilled operator pools and clean-room vendors are scarce.
- Grid—substation capacity and last-mile cabling timelines drive commissioning, not just capex.
- Capex cadence—staggered phases improve IRR; avoid “big bang” when supply chains are thin.
Data center build-out
| Hub | Why here | Bottleneck | What to do |
|---|---|---|---|
| Mumbai | Cable landings, finance demand | Land, flood mitigation | Go vertical; invest in water-side economizers |
| NCR | Hyperscaler expansions | Substation queue | Pre-book grid bays; hybrid PUE targets |
| Bengaluru | Cloud/SaaS clusters | Power allocation | RTC green PPAs; on-site storage pilots |
| Chennai | Subsea proximity | Humidity/thermal mgmt | High-efficiency chillers; corrosion controls |
| Pune/Hyderabad | Land banks; cooler temps | Talent & vendor base | Anchor vendors; training academies |
PUE focus: Design PUE ≤ 1.3 on new builds; track real PUE monthly. Water usage effectiveness (WUE) disclosures help win sustainability mandates.
Semiconductor—what ramps first
OSAT/ATMP
- Lower capex, faster ramp—best bet to hit revenue earlier.
- Automotive & industrial packages (QFN/BGA) lead.
- Key risks: tool lead times; yield engineering talent.
Wafer fabs
- Node choices (mature vs advanced) decide utilities & vendor set.
- Ultra-pure water, specialty gases, abatement are long poles.
- Phased utilities reduce first-silicon pressure.
Power—demand & tie-ups
- RTC hedges: Blend solar/wind + storage or firmed contracts; compute loads dislike curtailment.
- Open access: State policy variance affects PPA economics; avoid short-dated banking assumptions.
- Grid readiness: Substation augmentation and cable rights-of-way need parallel processing with civil works.
Playbooks
Operators
- Secure land + grid letters early; align commissioning with transformer delivery.
- Design for hot-aisle containment, liquid-ready loops.
- Publish sustainability KPIs: PUE, WUE, gCO₂/kWh, water sourcing.
Investors
- Favor phased capex & contracted MW; de-risk on power tie-ups.
- Underwrite to EPC/Vendor schedules, not slideware.
- Check counterparty credit on PPAs and offtake MoUs.