Constl secures USD $90 million for India fibre rollout

Constl has secured about USD $90 million in long-term project financing from a lender consortium led by the National Bank for Financing Infrastructure and Development to support its fibre network rollout in India.

A subsidiary of Space World Group, Constl focuses on digital infrastructure for hyperscalers, telecom operators and content delivery providers. The financing is intended to accelerate the build-out of greenfield fibre networks in emerging AI corridors and support investment in network technology.

India's digital infrastructure market is drawing greater attention as spending on artificial intelligence and data centres rises. Fibre capacity is becoming essential for cloud providers, AI infrastructure operators and large-scale data centre users seeking fast, reliable links between facilities.

The expanded network is intended to meet rising connectivity demand from hyperscalers, AI infrastructure providers and cloud service providers. The funding will also help extend Constl's pan-India network and support customers across the AI, cloud, data centre, telecom and digital services sectors.

NaBFID led the financing, a state-backed development financial institution established to address long-term funding needs in India's infrastructure sector. Its involvement places the transaction among a growing number of deals tied to digital assets such as fibre, data centres and related network systems.

Constl is part of Space World Group, which has been expanding its telecom and digital infrastructure interests in India. The latest funding gives the group access to long-term capital for a segment that typically requires heavy upfront investment before revenues build over time.

Industry participants increasingly link fibre expansion to the spread of AI-driven computing infrastructure. New data centre clusters require dense network connections to move large volumes of data between campuses, enterprise users and cloud regions, particularly in markets where compute capacity is expanding beyond established metro hubs.

AI corridors

The company said the funding would support continued fibre rollout in what it described as emerging AI corridors. While it did not disclose the other banks in the consortium or the debt tenure, the size of the facility suggests a substantial build phase for network assets intended to serve future demand.

"As India's AI ecosystem evolves and new data centre hubs emerge, the need for resilient, low-latency and future-ready networks has never been greater. This financing is a strong endorsement of our long-term vision and will enable us to accelerate the deployment of greenfield fibre infrastructure purpose-built for the AI era, while continuing to invest in next-generation network technologies. We are delighted to secure financing from NaBFID and our lending consortium as we build the digital backbone that will support India's AI ambitions," said Ankit Goel, Chairman and Founder of Space World Group and Founder of Constl.

NaBFID positioned the transaction as part of its broader infrastructure financing role in sectors linked to AI. The institution has been building a presence in long-duration projects that commercial lenders may approach more cautiously because of construction risk, payback periods or the need for specialist appraisal.

Samuel Joseph Jebaraj, Deputy Managing Director of NaBFID, said: "The development of AI infrastructure, including AI corridors, hyperscale data centres and digital connectivity networks, will require significant capital deployment. In this context, NaBFID aims to play a key role in providing infrastructure financing solutions to support the growth and expansion of these emerging sectors."

Digital infrastructure in India has become a broader investment theme as cloud companies, telecom groups and data centre developers prepare for higher computing demand. That has shifted attention beyond server capacity alone to the supporting network layer needed to connect data centres, enterprise campuses and end users across regions.

For lenders, fibre and related digital infrastructure can offer long-term exposure to an expanding part of the economy, though returns depend on route utilisation, anchor customers and execution on network deployment. Borrowers in the sector often seek structured project finance as they scale assets with long operating lives.

NaBFID also highlighted its role in arranging and assessing complex transactions in emerging infrastructure categories.

"NaBFID's sectoral expertise and ability to appraise and lead complex infrastructure transactions position it well to support strategic and emerging infrastructure projects, including AI, data centres and related digital infrastructure. Our financing support to Constl marks a significant step towards enabling the development of this ecosystem," Sharad Agarwal, Head of Lending & Project Finance at NaBFID, said.

Cadmus Capital acted as sole financial advisor to Space World on the transaction.