Tata Consultancy Services (TCS) has entered into a strategic partnership with TPG Terabyte Bidco Pte. Ltd. to jointly invest up to ₹18,000 crore in HyperVault AI Data Center Limited, a wholly owned subsidiary of TCS. The agreement aims to significantly scale India’s high-performance, AI-ready data center infrastructure over the coming years.
The partnership was approved by TCS’s Investment Committee during a meeting held on November 20, 2025. The parties have executed a Securities Subscription Agreement and a Shareholders’ Agreement, which outline the framework for collaboration and capital infusion.
HyperVault has been designated as TCS’s exclusive vehicle for developing, owning, operating, and managing data centers and related digital infrastructure across India. The platform is designed to support both AI and non-AI workloads, aligning with the growing enterprise demand for advanced compute capabilities.
As per the agreement, TCS and TPG will collectively invest an aggregate amount of up to ₹18,000 crore in multiple tranches. TCS will contribute 51 percent of the committed capital, while TPG will contribute the remaining 49 percent. Depending on the final infusion and conversion of securities, TPG is expected to hold between 27.5 percent and 49 percent equity in HyperVault.
The investment will be routed through a combination of equity shares and compulsorily convertible preference shares. Both parties have agreed to a three-year lock-in period during which the securities cannot be transferred, except to affiliates. Governance arrangements provide TCS with the right to appoint the majority of HyperVault’s board, while TPG will have the right to nominate up to two directors, subject to agreed thresholds. The Shareholders’ Agreement also includes standard provisions on minority rights, capital structure, exit mechanisms, and transfer restrictions.
Once the transaction closes, TPG will become a related party to HyperVault. TCS has confirmed that all related-party transactions arising from the arrangement will be conducted at arm’s length.
