New Delhi, July 1 -- CtrlS Datacenters Pvt. Ltd will have to meet a series of execution milestones-including retaining Amazon as a customer at one project and securing power and customers for another-or risk handing Canada Pension Plan Investment Board (CPP Investments) a larger stake in the company.

If the privately held Hyderabad-based data centre operator fails to meet the agreed conditions, CPP Investments' ownership could increase to 10.3% from the current 8.2%, effectively providing downside protection for its Rs.4,000 crore investment, according to two analysts.

On 17 June, CPP Investments announced that it had valued CtrlS at Rs.45,000 crore ($4.8 billion)-almost double the company's internal valuation of $2.6 billion in Novembe...