Bharti Airtel—controlled by billionaire Sunil Mittal—and a group of investors are investing $1 billion in data center projects in India to tap into the AI boom in the world’s most populous country.

Under the deal, which is subject to regulatory approvals, three U.S. private equity firms will inject fresh capital into Airtel’s data center unit, Nxtra Data. Alpha Wave Global will invest $435 million, Carlyle will contribute $240 million, and Anchorage Capital will add $35 million. The remaining investment will come from Airtel, which will keep a controlling stake in Nxtra,........

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