Kore Digital Executes Phase-I Data Centre MoU; Shares Rise 3.51% 

Mumbai, July 3: Kore Digital Ltd. has executed the Phase-I memorandum of understanding (MoU) for its proposed AI Green Data Center project in Navi Mumbai, taking forward a plan the company first outlined through exchange disclosures in June. 

The update relates to the first phase of a project that envisages a 1,560 MW AI-focused data centre campus to be developed over three phases. Phase I alone carries a proposed investment of ₹5,000 crore, according to the filing. 

First Step In A Multi-Phase Data Centre Project 

The company described the MoU as part of the execution process for the first phase rather than the final project agreement. 

Located in Navi Mumbai, the initial phase is expected to generate direct and indirect employment for around 2,100 people. Kore Digital said the remaining phases will move ahead only after definitive agreements are signed and the required statutory, financial and regulatory approvals are in place. 

The filing also reiterates Kore Digital’s role in the project. The company will act as the execution and communication infrastructure partner, a responsibility it had disclosed earlier. 

One part of the announcement stands out. Under the signed MoU, the Government of Maharashtra has agreed to facilitate participating entities in obtaining approvals, registrations, clearances and eligible fiscal incentives through the relevant state departments. That support, however, remains subject to applicable laws, government policies and prescribed conditions. The MoU does not replace the approvals themselves. 

Stock Market Snapshot 

The announcement was accompanied by buying interest in the stock. 

Kore Digital share price traded at ₹119.50, up 3.51%, as of 3:40 PM IST on July 3, 2026. 

The gain came after a largely range-bound session, with the stock moving higher during the final stretch of trading following the exchange disclosure. 

Company Background 

Kore Digital provides digital infrastructure and technology solutions, with a growing focus on data centre development. As artificial intelligence workloads continue to drive demand for high-density computing infrastructure, companies have increasingly announced large-scale capacity expansion plans across India. 

The proposed Navi Mumbai project is positioned within that broader trend. If completed as outlined, it would add substantial AI-ready data centre capacity while also strengthening Maharashtra’s position as one of the country’s largest data centre markets. 

Conclusion 

Friday’s filing does not announce financial closure or construction commencement. Instead, it confirms that the first implementation document has now been executed, moving the project from the proposal stage into early execution. The larger investment plan will still depend on future agreements, regulatory clearances and financing milestones before subsequent phases can proceed.  

Source: 

• https://www.nseindia.com/get-quote/equity/KDL/Kore-Digital-Limited 
• https://nsearchives.nseindia.com/corporate/KOREDIGITAL_03072026150428_KDL_NSE_update_signed.pdf