Canada's largest pension fund is investing up to $741 million（約1200億円） in India's data center operator CtrlS, joining a wave of global capital backing India's role in AI infrastructure.

What happened: CPP Investments committed ₹70 billion (about $741 million（約1200億円）) to CtrlS, acquiring an 8.2% stake for ₹40 billion (around $423 million（約680億円）) and committing up to ₹30 billion (about $317 million（約510億円）) to a joint venture for hyperscale data center campuses. CPP Investments will own 48% of the joint venture, while CtrlS holds 52%.

Why it matters: India has emerged as a major destination for data center and AI infrastructure investment, with companies including Amazon, Google, Microsoft, OpenAI, and Uber announcing investments in recent months. CPP Investments, Canada's largest pension investor, has held about $20 billion（約3.2兆円） in net assets in India as of March 31, positioning the country as a core part of its global data center strategy. The Indian government has also created tax incentives—exemptions for foreign cloud providers on services sold overseas through 2047, provided workloads run from data centers in India.

What to watch: CtrlS operates more than 15 data centers across India and announced plans in 2023 to invest $2 billion（約3200億円） over six years to expand its footprint. The rapid buildout of data centers is expected to increase pressure on electricity and water resources, a potential constraint on India's ambitions to become a major AI infrastructure hub.