On Tuesday, Global real asset management firm CapitaLand Investment Ltd (CLI) announced signing an initial pact with the Maharashtra government for a planned investment of more than Rs 9,200 crore (2.3 billion Singaporean dollar) in the state by 2030 to fuel its growth in two key markets -- Mumbai and Pune. The investment will be made in areas such as data centres, logistics and industrial parks, a company statement said.
Increasing Funds
According to PTI, "the investment aims to increase its funds under management from over 8 billion Singaporean dollars to some 15 billion Singaporean dollar by 2028, it said. It is a part of the company's broader growth strategy for India."
Who Attended The Data Centre Launch?
The data centre launch was attended by Singapore Deputy Prime Minister Gan Kim Yong, who is also the island-state's Minister for Trade and Industry, Jeffrey Siow, Acting Minister for Transport and Senior Minister of State for Finance, and Maharashtra Chief minister Devendra Fadnavis, Manohar Khiatani, Chairman, CapitaLand India Trust (CLINT) and Senior Executive Director, CLI and Sanjeev Dasgupta, Chief Executive Officer, CLI India, among others.
Company's Performance In Past Decade
Over the past decade, the company said it has significantly expanded its footprint in Mumbai and Pune, investing over Rs 6,800 crore across 10 assets spanning business parks, data centres and logistics facilities.
"India is a core market for CLI, and Maharashtra, with its strong economic fundamentals and well-developed IT and industrial ecosystem, presents significant opportunities for us to grow our footprint," said Dasgupta.
The State & The Company Partnership
The state has been a steadfast partner in the company's growth journey over the past decade, and it values the strong support and collaboration.
CLI has five operational business parks in Maharashtra with a total leasable area of 9.7 million sq ft and plans to add another 4.5 million sq ft, further strengthening its presence in the state's key commercial hubs, said the statement.
Which Business Parks Has It Invested In?
Of these, it has invested in four of the business parks - ITPP-H, aVance Pune I & II, and Aurum Q Parc in Mumbai through CLINT, Asia's largest India-focused property trust listed in Singapore, while the fifth business park, International Tech Park Pune, Kharadi, is held under CLI's private fund, Ascendas India Growth Programme.
How Many Data Centres Does CLINT Have?
As part of its data centre growth strategy in India, the company said CLINT has four data centres in the key cities of Mumbai, Bengaluru, Chennai and Hyderabad with a total power capacity of 244 megawatts (MW) to meet the rising demand for digital infrastructure.
Where Was The Investment Announced?
According to the company statement, this investment was announced at the inauguration of the Singaporean company's first data centre in Navi Mumbai.
Logistics Projects
The company said it also has a development pipeline of logistics projects totalling 17 million sq ft under Ascendas-Firstspace, which will cater to the increasing needs of e-commerce, manufacturing, and third-party logistics players in Maharashtra. Besides, CLI has five logistics and industrial parks in Mumbai and Pune under Ascendas-Firstspace, spanning 5.3 million sq ft, as well as a 1.2 million sq ft warehousing park in Panvel, Mumbai, under CLINT.
International Tech Park Launch
According to PTI, "the company has its presence in Maharashtra since 2013 when it launched an International Tech Park at Pune's Hinjawadi, developed in partnership with the Maharashtra Industrial Development Corporation (MIDC). Pan-India, the company has built a well-diversified portfolio comprising over 55 IT and business parks, coworking, industrial, logistics, lodging and data centre assets across eight cities in India: Bangalore, Chennai, Goa, Gurgaon, Hyderabad, Kolkata, Mumbai, and Pune, said the statement."
