CapitaLand to invest 4.5k cr in Chennai in next five years

Chennai: Singapore-headquartered CapitaLand Investment (formerly known as Ascendas) plans to invest over S$750 million (around Rs 4,500 crore) in Chennai in the next five years, and the company signed an MoU with the state government on Monday towards these commitments.The investments will be across the group’s various asset classes including IT parks, industrial parks, and data centre projects, company executives said in an interaction on Tuesday. The company said there are more projects in the pipeline in the state, but they did not want to sign MoUs until these were firmed up.“The MoU covers investments for the buildings three and four of our new International Tech Park in Radial Road, the Ambattur data centre project that will go live in 2025, and the next phase of the Ascendas Firstspace industrial park in Oragadam,” Gauri Shankar Nagabhushanam, CEO of India Business Parks, CapitaLand Investment, said.The company is also looking at Hosur and Coimbatore for potential industrial park projects. “Tamil Nadu and Chennai have a good mix of IT and industrial climate; it has the benefit of being one of the most diversified economies,” Aloke Bhuniya, CEO, Ascendas Firstspace, said. “Our ability to get into new businesses and scale quickly has helped us in our 30-year journey in India...Take the case of our industrial parks in Chennai, in just five years we have been able to fully operationalise and lease it to some of the biggest players,” Sanjeev Dasgupta, CEO, CapitaLand Investment India (CLI), said. Chennai's industrial ecosystem must also be credited for this pace, he added.CapitaLand has 13 assets in Chennai across various asset classes. It has also launched Bridge+ Chennai, a coworking space at International Tech Park Chennai. CapitaLand also has a 29 MW capacity solar power plant in Tuticorin to power its assets in Chennai, and plans to focus its efforts to create a separate team and business under the renewable segment. To date, CLI has invested about S$800 million (around Rs 5000 crore) in Chennai. It first entered the city with International Tech Park Taramani (a joint-venture with TIDCO). As of September 2023, CLI had S$133 billion of real estate assets under management, and S$90 billion of real estate funds under management.
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