Indian conglomerate Adani Group plans to spin off its data center firm before 2028.

Over the weekend, Adani chief financial officer Jugeshinder Singh said the company aims to spin off businesses including hydrogen, airports, and data centers between 2025 and 2028 after they achieve a certain investment profile, and go for an IPO.

“At least five units will be ready to go to the market in the next three to five years,” he said, according to local press. “The businesses have to achieve a basic investment profile and maturity before being considered for a demerger. Between 2025 and 2028 we think these businesses can achieve the desired levels for a demerger.

“Scale is already there for the five units,” he added. “The airport business is already independent, while Adani New Industries is going strong on the green energy side. Adani Road is demonstrating new build-operate-transfer models to the nation, while the data center business will grow further. Metals and mining would cover our aluminum, copper, and mining services.”

The data center business is expected to reach that stage by 2027–28, and the demergers will result in “massive cash flow” for the conglomerate.

In 2021, Adani partnered with EdgeConneX to form a new joint venture to develop data centers in India. The new company, AdaniConneX, launched its first facility in Chennai last year.

The company previously announced it was building a data center in Chennai for Flipkart, but whether that is a separate facility or the eCommerce company is an anchor tenant of the existing facility is unclear.

Adani is also planning facilities in locations including Visakhapatnam, Noida, Hyderabad, Pune, and Mumbai.

Google has signed a lease to secure space in the upcoming Noida facility.