Synopsis: Budget 2026 grants a tax holiday till 2047 for foreign cloud firms using Indian data centres, encouraging investment, boosting capacity and utilisation, and supporting long-term growth in the sector. Several listed players in this space stand to gain.
As part of its effort to boost India’s digital infrastructure, the government announced in Budget 2026 that foreign cloud companies will get a tax holiday till 2047 if they operate from data centres in India. Finance Minister Nirmala Sitharaman said that any overseas company providing cloud services to global clients from Indian data centres will be eligible for this benefit. However, if these companies want to serve customers in India, they must do so through an Indian reseller.
The government believes this move will help make India a major global hub for data storage and digital services while encouraging more investment in local data centres. This move is expected to drive greater investment in local data-centre capacity, boosting demand for infrastructure, expanding project pipelines, and supporting long-term growth for companies building and operating these facilities. Here are the listed players that operate data centres in India:
Anant Raj
Anant Raj Limited is best known as a real estate company with a strong presence in North India, especially in Delhi, Haryana, the National Capital Region, Andhra Pradesh and Rajasthan. Over the years, it has built a broad business that includes homes, commercial buildings, hotels, industrial parks and IT parks. This mix of businesses has helped the company manage real estate downturns and keep its financial position steady.
At present, Anant Raj has a market capitalisation of Rs. 19,516.13 crore. The stock had a previous close of Rs. 504.40, opened at Rs. 505, and touched an intraday high of Rs. 547.75, a gain of about 8.6 per cent from the previous close.
Beyond real estate, Anant Raj has made a serious push into data centres as part of India’s growing digital economy. It runs this business through its wholly owned subsidiary, Anant Raj Cloud Private Limited. Instead of just renting space to tech companies, Anant Raj is trying to build a full digital infrastructure business that includes cloud services, managed IT solutions and sovereign cloud offerings, giving it a wider revenue base than traditional data centre operators.
The company entered the data centre business in 2019 with basic colocation services, which remain a key part of its earnings today. It later expanded into higher-value services like Platform as a Service and Software as a Service through a partnership with Orange Business. Anant Raj now offers colocation, cloud services and is preparing to launch Infrastructure as a Service. It is also working on artificial intelligence-based solutions, showing its shift towards more advanced digital technologies.
E2E Networks
E2E Networks, operating as E2E Cloud, is one of India’s leading public cloud companies with a strong focus on artificial intelligence workloads. The company runs a sovereign cloud platform supported by high-end NVIDIA GPUs, including Hopper and L40S chips, which are used by developers, researchers and tech innovators through its TIR AI/ML platform.
This positions E2E as a key enabler of advanced computing and AI development in India. The company currently has a market capitalisation of Rs. 4,609.08 crore. Its stock had a previous close of Rs. 2,122.40, opened at Rs. 2,132 and hit an intraday high of Rs. 2,334.60 a rise of about 10 per cent from the previous close.
E2E has a strategic partnership with Larsen & Toubro (L&T), which holds a 19 per cent stake in the company. This tie-up gives E2E priority access to L&T’s data centre capacity, helping it strengthen its cloud infrastructure and improve service delivery. Leveraging its industry relationships, E2E has built a GPU capacity of around 3,800 units as of September 2025. In the first half of FY2026, it secured orders worth Rs. 265 crore from MeitY to supply 2,524 GPUs over the next year as part of India’s AI mission to expand national computing capabilities.
Recently, E2E announced the installation of 1,024 NVIDIA B200 GPUs at its Chennai data centre. These clusters provide around 184 terabytes of GPU memory and faster performance than earlier models. The new infrastructure is designed to support large AI model training, fine-tuning and advanced research, including next-generation language models like DeepSeek, reinforcing E2E’s role in India’s growing AI ecosystem.
Netweb Technologies
Netweb Technologies is one of India’s leading companies in high-performance computing and advanced technology systems. It serves clients with heavy computing needs, including large enterprises, universities, government bodies, defence organisations and research institutions. The company operates across the entire value chain, from designing systems to manufacturing and integrating them for customers.
Netweb currently has a market capitalisation of Rs. 18,616.46 crore. The stock had a previous close of Rs. 3,145.15, opened at Rs. 3,155.60 and touched an intraday high of Rs. 3,334.90, a gain of about 6.0 per cent from the previous close.
Founded in 1999, Netweb is led by Chairman and Managing Director Sanjay Lodha and follows a customer-first model based on customised solutions rather than standard products. The company runs a manufacturing facility in the Delhi-NCR region and has built a strong nationwide footprint with 18 offices across India. This widespread presence helps it serve both private and public sector clients efficiently.
Netweb stands out because it provides complete end-to-end computing solutions that combine hardware, storage and software. It works closely with global technology leaders such as Nvidia, AMD, Intel and Samsung while also developing its own indigenous technologies. The company is among a small group of manufacturers worldwide that design and build AI GPU systems under an official OEM partnership with NVIDIA. Its offerings include private cloud and hyperconverged infrastructure, AI systems, data centre servers, high-performance storage solutions, and related software and services.
Adani Enterprises
Adani Enterprises has entered the data-centre business through AdaniConneX, a 50:50 joint venture with global data-centre operator EdgeConneX. The partnership combines Adani Group’s strengths in land, power and infrastructure with EdgeConneX’s expertise in building and running large-scale data centres worldwide. The aim is to create a nationwide platform for utility-scale data centres that can support cloud and AI-driven digital growth in India.
Adani Enterprises currently has a market capitalisation of Rs. 2,29,503.07 crore. The stock had a previous close of Rs. 2,019.40, opened at the same level, and touched an intraday high of Rs. 2,039.40, a gain of about 1.0 per cent from the previous close.
A major milestone for AdaniConneX came when Adani partnered with Google to build an AI-focused data-centre campus in Visakhapatnam, Andhra Pradesh. This project is expected to attract around USD 15 billion in investment between 2026 and 2030 and is planned to operate at gigawatt scale. The facility will be supported by subsea cable connectivity and renewable energy, making it capable of handling large AI and cloud workloads. The project also involves investments in power transmission, renewable generation and energy storage to strengthen Andhra Pradesh’s electricity grid while supporting data-centre operations.
Beyond Visakhapatnam, AdaniConneX is developing data centres across Noida, Mumbai, Pune, Hyderabad and Chennai, with a strong focus on reliability and clean energy. Planned capacities include 33 MW in Chennai, 50 MW in Noida, 48 MW in Hyderabad, 96 MW in Pune and 30 MW in Navi Mumbai. The company positions itself as a full digital infrastructure provider, offering build-to-suit data centres, colocation, connectivity solutions and managed infrastructure services so clients can scale from basic storage to fully AI-ready systems.
Reliance Industries
Reliance Industries has entered the data-centre business through Digital Connexion, a joint venture with Canada’s Brookfield and US-based Digital Realty. The partnership has committed USD 11 billion over five years to build a 1-gigawatt AI-ready data centre in Visakhapatnam, Andhra Pradesh which is Reliance’s first confirmed project in this space.
This follows Mukesh Ambani’s announcement that the group would invest heavily in AI infrastructure, and analysts believe the facility could also be leased to other companies under a data-centre-as-a-service model. Reliance Industries currently has a market capitalisation of Rs. 18,63,150.83 crore. The stock had a previous close of Rs. 1,395.90, opened at the same level, and touched an intraday high of Rs. 1,410.95, a gain of about 1.1 per cent from the previous close.
In January 2025, Reliance also revealed plans to build an AI data centre in Jamnagar, Gujarat. While details are still limited, reports suggest the site could start with 1 GW capacity and later expand to 3 GW, taking Reliance’s total potential data-centre capacity across both locations to around 4 GW. This shows the company’s intent to become a major player in India’s AI and cloud infrastructure ecosystem.
The Visakhapatnam facility will be powered by advanced GPUs, TPUs and other AI chips, making it one of the most powerful AI infrastructure hubs in Asia. Reliance has also committed to a 6-GW solar project to supply clean energy to its AI operations. The group has already invested over Rs. 2,21,775 crore in Andhra Pradesh across energy, telecom and retail. In addition, Reliance has secured Nvidia’s latest Blackwell AI processors to build AI supercomputers and language models designed for India’s multiple languages, strengthening its long-term technology strategy.
Lodha Developers
Lodha Developers has emerged as one of the biggest names in India’s data-centre story in a very short time. In 2025, the company first signed an MoU worth Rs. 30,000 crore with the Maharashtra government, and in January 2026 it committed another Rs. 1 lakh crore at the World Economic Forum in Davos. This takes its total planned investment to Rs. 1.3 lakh crore for a massive 2.5-gigawatt data-centre park spread across about 400 acres.
The project is expected to create more than 16,000 direct and indirect jobs. Amazon has already secured land and power for 15 years, while Singapore’s STT Global Data Centres has also bought land inside the park, with Lodha acting as the master developer for these global operators. Lodha Developers currently has a market capitalisation of Rs. 94,952.70 crore. The stock had a previous close of Rs. 970.95, opened at Rs. 988.35 and touched an intraday high of Rs. 988.35, a gain of about 1.8 per cent from the previous close.
The Palava data-centre park has been built with world-class infrastructure. It has nearly 3 gigawatts of power available through five high-voltage lines, access to green energy, and more than 100 million litres per day of recycled water for cooling. Strong fibre-optic connectivity allows fast data links to Europe, currently taking around 140 to 150 milliseconds and potentially improving to 120 milliseconds in future.
Construction costs are much lower than in the US and Europe at about USD 6-7 million per megawatt, while power tariffs are around USD 0.07 to 0.08 per unit. The park also runs at a very efficient PUE of 1.2 to 1.3, and new data centres can be operational within 24 months since all approvals and utilities are already in place.
Land sales inside the park have been strong, with recent deals valued at around Rs. 0.21 billion per acre, and prices now moving toward about USD 0.3 billion per acre under new policies. The remaining land is estimated to be worth around Rs. 100 billion. Each acre can support 8 to 10 megawatts of IT capacity, with potential annual profit of about Rs. 0.1 billion per megawatt, showing that the project has earnings potential beyond just land sales. Lodha plans to continue selective land sales to attract more data-centre and AI companies to Palava and strengthen India’s digital infrastructure ecosystem.
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