Bharat Tejas

Tokenised debt secured against India's AI data-centre buildout and the captive renewable generation that powers it. Two cashflow streams — colocation contracts and PPA receivables — under one bankruptcy-remote SPV. 100% tax holiday on data-centre operations till 2047.

Investment thesis

AI-grade data centres in Mumbai, Chennai and Hyderabad clusters, anchor tenants secured.
Captive solar PPAs (25-year tenor) hedge the largest operating cost.
Securitised through a SEBI-registered AIF structure with debenture trustee.
Strategic equity from a domestic sovereign-anchor sponsor; debt offered to retail.

Target tranches

Senior BTJ-SR

First-charge on cashflows

13.0% target

Subordinated BTJ-SUB

Second-charge, secured

14.5% target

Mezzanine BTJ-MEZ

Unsecured

15.5% target + upside

Targets · indicative · subject to final structuring.

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