(Reuters) -China’s Alibaba is looking to raise about $3.2 billion in a zero-coupon convertible note offering to strengthen its cloud infrastructure and expand its international business, the company said on Thursday.

Alibaba, which has been among the most aggressive players in China’s AI sector, said it would use nearly 80% of the proceeds to scale up data centers, upgrade technology and improve services to meet the rising demand for cloud computing solutions.

The remaining 20% of the proceeds will be invested to enhance market presence and improve efficiency in its global e-commerce ventures, it said.

The senior notes will mature on September 15, 2032.

(Reporting by Himanshi Akhand in Bengaluru; Editing by Sumana Nandy and Alan Barona)

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