The deal is an internal Blackstone consolidation, with both AirTrunk (acquired in 2024 for A$24 billion) and Lumina CloudInfra (launched by Blackstone in 2022) in the same portfolio.
By adding Lumina to AirTrunk, Blackstone gives its Asia-Pacific data center platform a strong foothold in India’s hyperscale market without a third-party acquisition. Terms were not disclosed.
AirTrunkBlackstone-owned Asia-Pacific data center operator is acquiring India-based data center developer Lumina CloudInfra, 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 in major Indian cities, representing up to $5 billion in growth potential. Financial terms were not disclosed.
The deal has an unusual structure: both companies are Blackstone entities. Lumina CloudInfra was launched in 2022 by Blackstone as an independent hyperscale data center platform focused on India, built with significant capital and managed by local industry veterans.
AirTrunk, Asia-Pacific’s largest independent data center operator, was acquired by Blackstone in December 2024 for A$24 billion, Blackstone’s largest transaction in the region.
Instead of engaging a third-party buyer, Blackstone combines two data center platforms under a single operating entity gives AirTrunk a ready-made India entry point with existing ground positions, customer relationships and a management team with deep local market experience.
Following the acquisition, AirTrunk will operate in 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 600 MW pipeline is spread across Tier-1 cities in India, starting with Mumbai and Chennai and extending to Pune, Delhi/NCR and Hyderabad.
Lumina co-founder and CEO Sujeet Deshpande, former head of India operations at Colt Data Center Services, who previously headed Reliance Jio Infocomm’s integrated data centers, hailed the deal as combining “local power with global platforms.”
Robin Khuda, founder and CEO of AirTrunk, described India as “one of the largest and fastest growing markets for hyperscale and AI infrastructure in the world” and said the acquisition positions the company to “provide the scale, speed and performance our customers need as they expand in the APAC region”.
Peng Wei Tan, Blackstone’s Managing Director of Real Estate, hailed this as a boost. “Digital infrastructure is one of Blackstone’s highest-confidence topics,” and noted that as the world’s largest data center investor, Blackstone is positioned to meet growing demand in Asia-Pacific’s fastest growing economies.
India’s data center market has attracted significant international capital in recent years as hyperscale cloud providers, AWS, Microsoft Azure, Google Cloud and others accelerate their establishment in the country.
Blackstone had earlier committed to invest about $11 billion in Indian data centers, with Lumina as the lead vehicle.
Lumina’s integration into AirTrunk’s global operating platform gives those Indian investments access to AirTrunk’s hyperscale customer network, global design and construction standards, and Blackstone’s full capital resources, combining capabilities beyond a simple financial transaction.
