● THE INVESTMENT CASE COMPUTE MANUFACTURING · 2026

The $444B server boom has one wide-open pocket.

Servers are a $444B market growing 80% a year (IDC, 2025). The fastest-opening, least-localized share of that demand is India. This is the case for taking it from Hyderabad.

$20B

approved semiconductor projects since 2022

$36.6B

data center market projected by 2035

700K

GPUs to be deployed within 5 years

01 · Why India, why now

20% of the data, 3% of the capacity

India generates a fifth of the world's data but hosts a sliver of its data centers. Every megawatt needs servers, switches, and accelerators, and nearly all are imported today. That is your addressable market, served from outside the country.

20%

of the world's data is generated in India (Economic Survey 2025-26)

3%

of global capacity hosted here; closing the gap means ~8 GW by 2030

CAP. 01

MicrosoftIndia cloud and AI infrastructure buildout.

$17.5B

CAP. 02

GoogleAnchored by a gigawatt-scale Visakhapatnam hub.

$15B

CAP. 03

AWSRegion expansion nationwide, $7B+ in Hyderabad alone.

$40B+

CAP. 04

Reliance & AdaniGigawatt-scale domestic AI campuses.

$210B

02

02 · The demand curve

AI is rewriting India's infrastructure map

Demand compounds faster than capacity can be built, and nearly everything filling these halls is imported: duty, long lead times, and a growing build-local preference working against imports.

CH. 01

$23B GPU opportunity650–700K GPUs forecast over the next 5 years.

MARKET

CH. 02

100K GPUs via IndiaAIBy end-2026; 38K+ already deployed.

SOVEREIGN

CH. 03

Localize to winProtect margin, cut lead time, qualify for buy-local procurement.

UPSIDE

Data center capacity (GW)

1.15

2.0

4.5

9.0

20242027E2030E2030 AI

03

03 · The location

Hyderabad is the center of gravity

AWS

$7B

Hyperscale expansion across Telangana over 14 years.

Microsoft

150MW

Hyderabad region expanded with new GPU clusters.

NTT + Neysa

$1.18B

AI-first cluster built for 25,000 GPUs across 400 MW.

UPC Volt

$600M

100 MW AI-ready campus in Bharat Future City.

i.

Deep silicon talentQualcomm, NVIDIA, AMD, Micron, Microchip & NXP operate here.

TALENT

ii.

Ready industrial land900+ acres of ESDM clusters minutes from the airport.

LAND

iii.

Stacked incentives20–25% capital subsidy, up to 50% land discount.

POLICY

iv.

Power that holdsElectricity duty exemption for 5 years; reliable grid.

ENERGY

04

04 · The momentum

The OEM playbook has already started

OEM 01

SupermicroEvaluating local AI-server manufacturing, in-house or via partners, while staffing up in India.

EVALUATING · FEB 2026

OEM 02

DellSriperumbudur facility already builds servers, desktops, and notebooks in-country.

~85% OF INDIA DEMAND

OEM 03

HPManufactures its device portfolio with Flex near Chennai; expanding local sourcing.

SINCE 2021

THE WINDOW

No global OEM yet builds AI servers at scale in India. DPDP data-localization phases in through 2027, PLI 2.0 and ECMS incentives are live, and the import-fed chassis market compounds 28–32% a year to $1.1–1.5B by 2035. The first to localize sets the cost base; the second competes on someone else's terms.

05

05 · The partner

Built by people who already build for the best

Resolute is a 28-year EMS group in Hyderabad. A phased ramp: starting with what ships today, scaling to full AI-rack integration.

Track record

28yrs

of EMS manufacturing behind the line.

Capacity

9 + 9

SMT and FATP lines running today.

Environment

10K

Class-10,000 clean room for sensitive assembly.

Certified

ISO×3

9001, 14001, and 45001.

i.

Proven at global volumeSwitches and electronics for Samsung and Xiaomi.

PROOF

ii.

In the right cityNTT/Neysa's 400 MW cluster; Microsoft's Azure region next door.

HUB

iii.

Your IP protectedNDAs, secured lines, full MES traceability.

IP

iv.

An honest rampPhased scale-up to full AI-rack integration, with clear gates.

RAMP

06

06 · The economics

Where a dollar of capex works hardest

India

Skilled assembly labor

~$4.50 per hour

Capex support

Up to 50% central + 20–25% state

Payback period

5–6 years

Exposure

Policy tailwinds; localizing removes tariff risk

China

Skilled assembly labor

~$5.20 per hour

Capex support

20–30% lower setup, fading subsidies

Payback period

Compressed by overexposure

Exposure

Tariffs, export controls, geopolitics

USA

Skilled assembly labor

Highest-cost tier

Capex support

Setup runs 2–3× higher overall

Payback period

8–10 years

Exposure

Stable, but heavy on labor and compliance

Straight talk: India assembly carries a modest premium versus established hubs today. PLI 2.0, ECMS incentives, and recent duty cuts close the gap, and localization removes tariff and logistics exposure on the imports it replaces.

07

07 · The entry model

Phase 1: a de-risked $10.2M beachhead

Phase 1 outlay

$10.2M

Buildout plus first-year operations.

Partner equity from

$1.5M

Only after a joint NPI pilot proves out.

CAPEX

$6.6M

SKD line, equipment, facility, licensing.

OPEX

$3.6M

Year-1 manpower, training, utilities.

i.

Your IP stays yoursDesign, silicon, and IP remain with you; assembly runs to your spec.

IP

ii.

Zero capex liabilityAll capital and operating expenditure carried locally.

RISK

iii.

Governance seatOperations, suppliers, certifications, MES traceability.

CONTROL

iv.

Pilot before scaleJoint NPI pilot on one line with clear gates; 12-month go-live.

ASK

08

08 · The roadmap

From decision to exports in 24 months

MONTHS 0–6

Build

Facility buildout, cleanroom & ESD infrastructure, workforce hiring and training.

MONTHS 6–12

Pilot

SKD trial runs, parametric testing, ISO and BIS audit track, supplier qualification.

MONTH 12

Go-live

Commercial production begins; incentive disbursement filed under the mission.

MONTHS 13–24

Scale

Vertical integration, R&D lab, exports to emerging markets under co-branding.

India's compute buildout is happening. The first movers set the terms.

Let's build in Hyderabad.

09