Anant Raj has approved a composite scheme to consolidate and demerge its data centre and cloud business into Ashok Cloud Private Limited, setting up a separately listed digital-infrastructure entity subject to regulatory, shareholder, creditor and tribunal approvals. The plan involves the merger of Anant Raj Cloud Private Limited into Anant Raj Limited, followed by the demerger of the data centre undertaking into Ashok Cloud. Both Anant Raj Cloud and Ashok Cloud are wholly owned subsidiaries of Anant Raj Limited.
Under the proposed scheme, eligible Anant Raj shareholders will receive one fully paid-up equity share of Ashok Cloud, with a face value of Rs 2, for every one fully paid-up Anant Raj share of face value Rs 2 they hold. The company said the structure will not cancel Anant Raj’s existing shareholding in Ashok Cloud, which will continue to remain its subsidiary. The arrangement requires approvals from the National Company Law Tribunal, Securities and Exchange Board of India, stock exchanges, shareholders, creditors and other authorities.
The move follows Anant Raj’s completion of the acquisition of 374.3 million fully paid-up equity shares of Ashok Cloud for more than Rs 74.86 crore. The company has also indicated that Ashok Cloud plans to raise funds to finance data centre development and acquire the target cloud business. The restructuring is designed to separate the real estate business from the data centre and cloud services business, giving the latter a dedicated corporate platform and clearer access to capital.
Anant Raj has been expanding aggressively in digital infrastructure. Its investor materials show 21 MW of IT load capacity operational at Manesar and 7 MW at Panchkula, with a target of 357 MW by FY32. In June, it signed a memorandum of understanding with the Haryana government to invest Rs 20,000 crore in large-scale data centre infrastructure, and in May it committed Rs 4,500 crore in Andhra Pradesh through Anant Raj Cloud for data centre infrastructure and cloud services.
The proposed Ashok Cloud listing reflects the growing institutionalisation of India’s data centre and sovereign cloud market. Real estate, infrastructure and technology capital are increasingly converging around AI workloads, cloud adoption, enterprise digitisation and data-residency demand. By separating the business, Anant Raj is seeking to give investors a cleaner view of the data centre opportunity while allowing the cloud unit to pursue financing, partnerships and capacity expansion on its own terms.
