$36B St. Petersburg tech giant looks to form South Asia joint venture

Jabil Inc. has taken a first step toward an agreement with a South Asian company to build hardware for data centers in India.

The St. Petersburg-based technology manufacturer announced Tuesday it had signed a nonbinding memorandum of understanding with Adani Enterprises Limited that would create a joint venture to manufacture and assemble artificial intelligence and data center equipment.

The Adani Group and Jabil announced in June that it would be partnering in to build an AI and data center manufacturing platform as the facilities expand across India. (Adani Enterprises is the Adani Group’s flagship company.)

The proposed joint venture covered in the MOU would allow the companies to build a “multi-gigawatt AI infrastructure platform” that, according to the announcement, would include the manufacturing of AI racks, servers, networking, power and cooling systems.

“The venture would provide a manufacturing base in India to serve domestic demand and support exports,” Jabil says. “The companies estimate the global market opportunity at more than $3 trillion over the next seven years, driven by investment in AI computing.”

The companies still need to work out definitive agreements and need approvals and to meet “customary conditions,” Jabil says in the announcement.

India’s data center capacity is projected to reach 5 to 8 gigawatts by 2030, driven by AI adoption, cloud expansion and data localization. Adani has committed $100 billion to develop five gigawatts of green-energy-powered, hyperscale AI-ready data centers by 2035.

Jabil is a multinational engineering, manufacturing, design and supply chain company.

According to its most recent earnings statement released Sept. 30, revenue in the fourth quarter rose 28.6% to $10.61 billion when compared with the same period a year ago. Fiscal year 2026 revenue rose 19.4% to $35.95 billion when compared with the previous fiscal year.