Property tycoon Niranjan Hiranandani has announced son Darshan Hiranandani as successor to his multi-billion dollar real estate business spanning residential, commercial, warehousing and other segments.
In addition to leading the Hiranandani group’s energy venture, H-Energy, in Dubai, 36-year-old Darshan holds a master’s degree from the Rochester Institute of Technology with a focus on finance and entrepreneurship.
“Darshan is going to be my real estate heir. At a press conference in Mumbai, Hiranandani, the founder and MD of Hiranandani Group, stated emphatically, “He is going to be the second best till I am around,” demonstrating his own ongoing participation with the group’s operations. The CEO of the group is presently Darshan.
Additionally, the Hiranandani Group revealed the creation of Yotta Infrastructure, a new division that will enter the data center park industry. Large-scale hyper density data centers for businesses will be designed, constructed, and operated by the managed data center service provider; the first one is expected to open in Panvel, Navi Mumbai, before the end of this fiscal year. The business is constructing a second location in Chennai.
Hiranandani stated that his company has done as much business in the last five years as it had in the 25 years prior, despite the fact that the unlisted firm’s sales remain unknown. He declared, “We are expanding steadily.”
With a personal net worth of Rs 7,880 crore, Niranjan Hiranandani ranked sixth in the Grohe Hurun India Real Estate Rich List 2018. He shares the rank with brother Surendra Hiranandani, with whom he co-founded the Hiranandani Group in 1978.
Today, Surendra Hiranandani is in charge of the House of Hiranandani Group, his own business. The brothers began developing Powai, a suburban development outside of Mumbai, in 1989 on the site of an old quarry. They still jointly hold some properties there. In 2016, the pair sold Brookfield Asset Management their Powai retail and commercial properties for a billion dollars.
The Hiranandani group has more than 1800 acres of land in India in addition to several projects in Maharashtra. It now intends to establish a strong data center business using a portion of this land bank.
“We see a great opportunity with the government’s impending announcement of the Data Localization and Protection Act to regulate the data management industry. This will significantly boost data storage. “Our organization is dedicated to becoming a major player in the data center industry,” he declared.
India is the world’s greatest data consumer and offers the lowest cost per gigabyte of data consumed. Our goal at Yotta is to provide the world’s most affordable data storage infrastructure per gigabyte. By December 2019, we will have this solution available to all domestic and international companies at our first site in Panvel,” stated Darshan Hiranandani.
As Managing Partner and CEO, Yotta Infrastructure will be led by Sunil Gupta, who has established more than 15 hyperscale, hyperdensity data centers around India. Yotta’s data center parks, with a server hall capacity of over 60,000 racks and 500 MW power, will be dispersed across 50 acres close to significant international fiber landing points.
“We shall offer unlimited scalability of co-location space and power at our Data Centre parks to OTT players like Google, AWS, Microsoft, Alibaba, Tencent, Netflix, Facebook and Apple for their cloud availability zones and offer enhanced cost effectiveness,” Gupta stated.
In addition, Yotta plans to introduce managed IT, security, connectivity, and hybrid multi-cloud services for businesses in the SaaS, IoT, Big Data, retail, media, banking, and manufacturing sectors, as well as for new age startups.
