According to Bernstein, India's data center capacity is projected to grow from 1.5GW to between 5-8GW by 2030, primarily driven by demand shifts from the Middle East due to capacity constraints. The report emphasizes that the most significant advantage in this sector will not be compute hardware but rather access to land and substations in strategic locations. Navi Mumbai is already experiencing increased land prices as competition intensifies. Bernstein indicates that the colocation model will dominate the Indian market, allowing companies to build and lease infrastructure while minimizing the GPU investment risks for hyperscalers. Key players like the Adani Group and Reliance Industries are well-positioned to lead this surge, given their substantial land holdings and grid connectivity. The report also highlights that valuations for global data center operators are currently around 22-23x EV/EBITDA, suggesting a competitive landscape as India scales its data center capacity. The next few years will focus on securing access to power and land, which are critical for success in this expanding market.