INVESTMENT BRIEF · 2026
COMPUTE MANUFACTURING · HYDERABAD

Own the share you're currently importing.

Servers are a $444B market growing 80% a year (IDC, 2025). The fastest-opening, least-localized share of that demand is India.

Approved projects
$20B

semiconductor projects approved since 2022.

DC market
$36.6B

data center market projected by 2035.

Accelerators
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
/01

MicrosoftIndia cloud and AI infrastructure buildout.

$17.5B
/02

GoogleData centers anchored by a gigawatt-scale Visakhapatnam hub.

$15B
/03

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

$40B+
/04

Reliance & AdaniDomestic giants building gigawatt-scale 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.

/01

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

MARKET
/02

100K GPUs targeted by IndiaAIBy end-2026; 38K+ already deployed at subsidized rates.

SOVEREIGN
/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.

/01

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

TALENT
/02

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

LAND
/03

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

POLICY
/04

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

ENERGY
04
04 · THE MOMENTUM

The OEM playbook has already started

Supermicro
Evaluating

Local AI-server manufacturing, in-house or via partners, while staffing up in India (Feb 2026).

Dell
~85%

of Indian demand served from Sriperumbudur: servers, desktops, and notebooks built in-country.

HP
Since 2021

Device portfolio manufactured with Flex near Chennai; expanding local sourcing.

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.

/01

Proven at global volumeData-center switches and electronics for Samsung and Xiaomi.

PROOF
/02

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

HUB
/03

Your IP protectedNDAs, secured lines, full MES traceability under your controls.

IP
/04

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.

/01

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

IP
/02

Zero capex liabilityAll capital and operating expenditure carried locally.

RISK
/03

Governance seatOversight of operations, suppliers, certifications, MES traceability.

CONTROL
/04

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.
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