AirTrunk founder and CEO Robin Khuda
Blackstone’s AirTrunk has entered India with the acquisition of Lumina CloudInfra for an undisclosed price, marking the hyperscale data centre operator’s expansion into the fast-growing South Asian market through a platform also owned by its parent.
The deal gives AirTrunk an immediate foothold in India’s digital infrastructure sector, adding Lumina’s local development pipeline and market presence to AirTrunk’s Asia Pacific network, the Sydney-based company said Monday in a release. The pipeline includes 600 megawatts of planned capacity representing a future portfolio that Blackstone estimates could be worth up to $5 billion.
The transaction represents an internal consolidation for Blackstone, which owns both AirTrunk and Lumina through managed funds, allowing the private equity titan to align its India strategy with its broader regional platform.
“India is one of the largest and fastest growing markets for hyperscale and AI infrastructure worldwide, and expanding in this market is a significant milestone for AirTrunk’s broader APAC strategy,” said AirTrunk founder and CEO Robin Khuda. “By acquiring Lumina CloudInfra, we are uniquely positioned to deliver the scale, speed, and performance our customers need as they expand across the APAC region.”
New Growth Frontier
Blackstone teamed up with the Canada Pension Plan Investment Board in 2024 to acquire AirTrunk in a $16 billion deal, placing the platform at the centre of the Manhattan-based firm’s digital infrastructure strategy. At the time, AirTrunk comprised an 800-megawatt portfolio of 11 data centres in Australia, Hong Kong, Japan, Malaysia and Singapore, plus land to support more than 1 gigawatt of future growth.
Lumina CloudInfra co-founder and CEO Sujeet Deshpande
Since the acquisition, AirTrunk has built out its capacity with a focus on Japan, securing a $1.2 billion green loan to refinance and scale its flagship Tokyo campus to over 300MW. The platform is also exploring capital markets options, including preparations for a potential Singapore REIT listing targeting a roughly $1.5 billion raise.
The move into India adds a new growth frontier for AirTrunk, offering exposure to a market where data centre demand is set to accelerate sharply over the coming decade. Blackstone has been making bets on India digital infrastructure through multiple channels, including by leading a $1.2 billion funding round for AI data centre startup Neysa.
Lumina originated in 2022 as Blackstone’s first wholly owned data centre platform in Asia, breaking ground on its first hyperscale campus in Navi Mumbai the following year. AirTrunk said the Lumina buy would strengthen its ability to deliver scalable capacity across the region, with the new subsidiary contributing development expertise, land and power access in India.
“By bringing our team together with AirTrunk, we combine local strength with global platforms in design, construction, operations, safety, quality and technology — along with access to AirTrunk’s global customer network and capital strength,” said Lumina co-founder and CEO Sujeet Deshpande.
US REIT Planned
Led by chairman and CEO Steven Schwarzman, Blackstone is expanding its capital-raising toolkit to support continued growth in data centres globally.
Earlier this month the firm filed for a US initial public offering of a new acquisition vehicle, Blackstone Digital Infrastructure Trust, targeting stabilised data centre assets leased to investment-grade tenants, with expected yields of 5.75 percent to 7 percent.
The planned NYSE-listed trust could raise $2 billion initially, putting it among the 10 biggest IPOs ever by a REIT, according to Bloomberg data.
In February, Blackstone took a primary position in a $10 billion debt financing round for Australian data centre player Firmus, supporting large-scale “AI factory” developments.
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