Property tycoon Niranjan Hiranandani has named his son Darshan Hiranandani as the successor to his multi-billion-dollar real estate business, which includes residential, commercial, warehousing, and other sectors. At 36, Darshan Hiranandani holds a master’s degree in entrepreneurship and finance from the Rochester Institute of Technology. He already leads the Hiranandani Group's real estate business in Dubai and also heads H-Energy, the group's energy division.
"Darshan Hiranandani’s wealthy approach will take over as my successor in real estate. He will be the second best until I’m around," said Niranjan Hiranandani, founder and MD of the Hiranandani Group, at a press conference in Mumbai. This shows that he will still be actively involved in the group’s operations.
Darshan is now the CEO of the group. The Hiranandani Group also revealed its entry into the data center park business with a new division called Yotta Infrastructure. The managed data center provider will design, build, and run large, high-capacity data centers for businesses.
The first one is expected to start operating in Panvel, Navi Mumbai, before the end of this fiscal year. The company is also building another one in Chennai. Although the company’s revenues are not disclosed, Hiranandani mentioned that they’ve done as much business in the last five years as they did in the previous 25 years.
"We are growing steadily," he said. Niranjan Hiranandani, with a personal net worth of Rs 7,880 crore, was ranked sixth on the Grohe Hurun India Real Estate Rich List in 2018. He shares this ranking with his brother Surendra Hiranandani, who co-founded the Hiranandani Group with him in 1978.
"We envision a huge opportunity for data localization and protection act to be announced by the Government to regulate the data management business. This will give a big impetus to data storage. Our group is committed to being one of the big players in the data Centre space," he said.
"At Yotta, our goal is to provide the world’s most affordable data storage per GB," said Darshan Hiranandani. "We plan to deliver this solution to both global and domestic businesses at our first site in Panvel by December 2019."
Sunil Gupta, Yotta's CEO, will oversee 50-acre data parks with 60,000 racks and 500 MW capacity.
"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 said.
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