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Cartis diligence evidence schedule

Princeton Digital Group MU1 Campus

PRJ-1297 · Site · Airoli, Maharashtra, India

Record last updated Oct 29, 2026

Scope and capacity

Princeton Digital Group’s MU1 campus in Airoli, Navi Mumbai, has a five-building design totalling 150 MW IT. A June 2026 rating rationale reports the first two buildings’ contracted capacity handed over by March 2026; DC3/DC4 were under development, jointly about 72 MW, targeting phased completion in fiscal 2028. This is not 150 MW operating capacity. Initial-building figures of 48 MW in 2022, 50 MW in 2025 and approximately 52.5 MW in the 2026 rating remain separately attributed; the latter’s critical-IT basis is unspecified. Rated facilities and announced green loans are distinct, non-additive financing disclosures.

Headline: 150 MW Planned critical IT

Numbers refer to their stated physical boundaries and are not added together. Source dates, claim dates and record updates have different meanings. Missing dates and locators are not inferred.

Claims and exhibit sources

Jump to a claim (9)

Target IT capacity MW · 150 MW

Planned / design or future potential · Princeton Digital Group MU1 Campus (Project)

Claim 160814 · Recorded claim type: Forecast · Review: Approved · Claim date: Not stated

Headline treatment: Selected headline

  1. MU1 operator factsheet

    Princeton Digital Group · Document date: Not stated · Primary

    Source reference: SRC-8129 · Company announcement · Recorded authority: Party primary

    Source URL

    https://princetondg.com/wp-content/uploads/2024/07/MU1_Factsheet-Updated_Digital.pdf

Site location · MU1 campus at 19.172654,72.992812 inside a larger 50-acre IT/ITES park. Five buildings DC1–DC5, one campus; park acreage is not campus land area.

Reported rounded · Princeton Digital Group MU1 Campus (Project)

Claim 160815 · Recorded claim type: Reported rounded · Review: Approved · Claim date: Not stated

  1. MU1 operator factsheet

    Princeton Digital Group · Document date: Not stated · Primary

    Source reference: SRC-8129 · Company announcement · Recorded authority: Party primary

    Source URL

    https://princetondg.com/wp-content/uploads/2024/07/MU1_Factsheet-Updated_Digital.pdf

Rated bank facilities inr · 7,030,000,000 INR

Reported rounded · Princeton Digital Group MU1 Campus (Project)

Claim 160817 · Recorded claim type: Reported rounded · Review: Approved · Claim date: Jun 25, 2026

  1. Crisil rating rationale

    Crisil Ratings · Document date: Jun 25, 2026 · Primary

    Source reference: SRC-8130 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/PrincetonDigitalGroupIndiaManagementPrivateLimited_June%2025_%202026_RR_398543.html

Reviewed mu1 loan context · On 30 July 2025, PDG announced approximately US$160 million of green loans from Axis Bank, Kotak Mahindra Bank and Canara Bank for MU1 development and broader green data centre initiatives in India. The MU1-only allocation, disbursement date and overlap with rated INR facilities are unverified; the figures must not be added together.

Reported rounded · Princeton Digital Group MU1 Campus (Project)

Claim 162596 · Recorded claim type: Reported rounded · Review: Approved · Claim date: Not stated

  1. PDG Secures ~USD 160 Million Green Loan for Mumbai Data Center Campus

    Princeton Digital Group · Document date: Jul 30, 2025 · Primary

    Source reference: SRC-2531

    Source URL

    https://princetondg.com/newsroom/princeton-digital-group-secures-usd-160-million-green-loan-for-mumbai-data-center-campus/

Reviewed mu1 historical launch context · PDG launched MU1 on 7 December 2022, then describing 48 MW of critical IT capacity across two buildings on approximately six acres within a larger Airoli IT campus, with US$300 million investment. This is the 2022 launch scope and reported investment, not the land area or operating load of the later 150 MW campus plan. PDG’s December 7, 2022 launch release reported that MU1 had achieved IGBC Platinum certification. This is an operator reported certification claim by that date, not independent inspection of the certificate, its exact award date or building permission.

Reported rounded · Princeton Digital Group MU1 Campus (Project)

Claim 162597 · Recorded claim type: Reported rounded · Review: Approved · Claim date: Not stated

  1. Princeton Digital Group launches MU1 in Mumbai — December 7, 2022

    Princeton Digital Group · Document date: Dec 7, 2022 · Primary

    Source reference: SRC-8299 · Company announcement · Recorded authority: Party primary

    Source URL

    https://princetondg.com/press-releases/princeton-digital-group-launches-flagship-data-center-in-mumbai/

Reviewed mu1 capacity history context · In July 2025, PDG described the first two MU1 buildings as operational with 50 MW capacity and the first phase of a 100 MW expansion as under construction. These dated figures are not occupied load or confirmation that all 150 MW is operational; they do not silently replace the 2022 report’s 48 MW. Crisil’s June 25, 2026 rationale reports DC1/DC2 construction complete at approximately 52.5 MW, with over 50 MW contracted. It reports DC3/DC4 fully contracted with estimated capex of INR 2,800–3,000 crore and debt tie up underway. The capacity passage does not explicitly specify critical-IT basis; contracting is not measured occupied load and debt tie up is not funding closure.

Reported rounded · Princeton Digital Group MU1 Campus (Project)

Claim 162598 · Recorded claim type: Reported rounded · Review: Approved · Claim date: Not stated

  1. Crisil rating rationale

    Crisil Ratings · Document date: Jun 25, 2026 · Corroborating

    Source reference: SRC-8130 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/PrincetonDigitalGroupIndiaManagementPrivateLimited_June%2025_%202026_RR_398543.html

  2. PDG Secures ~USD 160 Million Green Loan for Mumbai Data Center Campus

    Princeton Digital Group · Document date: Jul 30, 2025 · Primary

    Source reference: SRC-2531

    Source URL

    https://princetondg.com/newsroom/princeton-digital-group-secures-usd-160-million-green-loan-for-mumbai-data-center-campus/

Reviewed mu1 rated banks context · Crisil’s June 25, 2026 bank facility annexure lists a Canara Bank term loan of INR 330 crore, a Kotak Mahindra Bank term loan of INR 342 crore, a Kotak overdraft facility of INR 30 crore and proposed non fund based limits of INR 1 crore with no lender assigned. Both term loan instruments show September 30, 2040 maturity. The overdraft is interchangeable with an INR 25 crore bank guarantee facility, not additive to it. These are components of the existing INR 703 crore rated facilities, not new funding or independently verified drawn balances; no named lender is allocated to DC2.

Reported rounded · Princeton Digital Group MU1 Campus (Project)

Claim 162599 · Recorded claim type: Reported rounded · Review: Approved · Claim date: Not stated

  1. Crisil rating rationale

    Crisil Ratings · Document date: Jun 25, 2026 · Primary

    Source reference: SRC-8130 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/PrincetonDigitalGroupIndiaManagementPrivateLimited_June%2025_%202026_RR_398543.html

Reviewed mu1 dc2 terms context · Crisil’s June 25, 2026 rationale describes DC2 loan tenor of 14 years, repayments starting in fiscal 2026 and a put/call option after 85 months from first disbursement. It reports covenants of DSCR at least 1.20 times and net debt/EBITDA below 6 times in fiscals 2027–2028, reducing thereafter. These are reported terms, not verified covenant compliance; no first disbursement or option exercise date is inferred.

Reported rounded · Princeton Digital Group MU1 Campus (Project)

Claim 162600 · Recorded claim type: Reported rounded · Review: Approved · Claim date: Not stated

  1. Crisil rating rationale

    Crisil Ratings · Document date: Jun 25, 2026 · Primary

    Source reference: SRC-8130 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/PrincetonDigitalGroupIndiaManagementPrivateLimited_June%2025_%202026_RR_398543.html

Land and site control context · Airoli coordinates identify the MU1 campus. Crisil’s June 25, 2026 rationale describes land secured under a long term lease in its discussion of PDG India’s capacity expansion. It does not identify the lessor, registered parcel, lease expiry or building by building lease allocation; no freehold ownership or full title chain conclusion follows.

Reported rounded · Princeton Digital Group MU1 Campus (Project)

Claim 162601 · Recorded claim type: Reported rounded · Review: Approved · Claim date: Not stated

  1. Crisil rating rationale

    Crisil Ratings · Document date: Jun 25, 2026 · Primary

    Source reference: SRC-8130 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/PrincetonDigitalGroupIndiaManagementPrivateLimited_June%2025_%202026_RR_398543.html

  2. MU1 operator factsheet

    Princeton Digital Group · Document date: Not stated · Corroborating

    Source reference: SRC-8129 · Company announcement · Recorded authority: Party primary

    Source URL

    https://princetondg.com/wp-content/uploads/2024/07/MU1_Factsheet-Updated_Digital.pdf

Counterparties and capital

Princeton Digital Group · Developer, Operator · CMP-1172

This schedule captures public Cartis research. It is not a title, lien or legal-opinion report. Document page/section locators and claim review timestamps are included only when published; this version has no separate locator or claim-review-time feed.