SLB to Acquire Kelvion for $3.4 Billion to Expand Data Center Business

Suppajee Suthamphan, Deputy Prime Minister and Minister of Commerce, disclosed the outcome of talks with the Ambassador of the Republic of India to Thailand, Puneet Agrawal, that Thailand and India will advance cooperation in a "Co-Creation Co-Investment" format across six potential sectors: herbs and pharmaceuticals, IT, processed food, green industry, automotive, construction, and the hospitality industry, in order to link into global supply chains rather than merely exporting goods to each other's markets. Both sides assigned the start of joint work and progress within 45 days to pilot a model. Most recently, five to six Thai investors have shown interest in cooperating with India under this concept, and the Indian Ambassador reported that Indian companies are preparing to invest in data centers in Thailand, with several already in joint ventures with Thai companies. Both sides agreed to use the JTC platform as a mechanism to monitor cooperation, with India proposing that the JTC meeting draw up a Plan of Action for the services sector. The two sides are in the process of linking India's UPI payment system with Thailand's PromptPay, and are discussing the possibility of using local currencies, the baht and the rupee, to facilitate trade and reduce costs. India is Thailand's seventh-largest trading partner in the world and its number one trading partner in South Asia. Over the seven months from January to July 2026, trade between Thailand and India was worth 13.97456 billion US dollars, expanding 8.07 percent from the same period the previous year, with Thailand exporting 10.27032 billion US dollars to India and importing 3.70424 billion US dollars from India.

The equity and derivatives market strategist at InnovestX Research, InnovestX Securities, said efforts to push Thailand as a regional data center hub are taking clearer shape after the first meeting of the Data Center Business Policy Committee resolved to accelerate integration of data and legal provisions into a single dashboard, in order to set a clear industrial strategic framework within one month. The criteria define data centers using more than 2 MW of electricity as industrial businesses, set resource utilization fees to reflect true direct and indirect costs, and impose strict energy conditions to support Green Data Centers, including a separate electricity tariff category for the group, a mandatory clean energy share of no less than 60% to meet Net Zero goals, and tighter standards for backup power systems. Four subcommittees will be set up covering the economy, infrastructure, land and buildings, and the environment to draw up technical standards, and decisive measures are being prepared to suspend water and electricity allocation for projects not yet under construction if they fail the criteria. InnovestX assesses that these clearer policies will create significant positive ripple effects for two main industries. The first is clean energy, where the 60% minimum clean energy requirement will turn clean power from an option into a necessity, sharply driving real demand. The second is industrial estates, where classifying data centers as industrial businesses will draw foreign direct investment, or FDI, into leading estates equipped with smart grid networks and environmental management, leaving estates reliant on fossil fuels far behind. The investment strategy therefore recommends Selective Buy, focusing on accumulating leaders in these two main industries. For industrial estates, it favors companies with stable smart grid networks sufficient for Tier 3-4 data centers, joint ventures with multinational technology firms, and their own water recycling management systems, namely AMATA and WHA. For clean energy, it favors companies making progress on direct power purchase agreements, or Direct PPAs, with global hyperscalers, with high ESG scores and green certificates, and investing in battery energy storage systems, or BESS, to maintain the stability of electricity supplied to data centers, namely GULF, GPSC and BGRIM, as well as GUNKUL, a contractor for high-voltage transmission line systems.