Indian manufacturers are cashing in on the AI infrastructure buildout by supplying cables, power systems and cooling equipment -- even as investors worry the country is falling behind in the race to develop the technology. "Every data centre needs switchgear, transformers, cables, cooling systems and grid connectivity, and Indian manufacturers are already in that supply chain." Telecom equipment maker HFCL reported its strongest-ever April-June quarter, with revenue more than doubling on AI demand. Unlike in parts of the United States and Europe, data centre development in India has faced limited resistance so far. If I need to be a one-gigawatt company, I need $5 billion," Agarwal said.