Singaporean real estate firm makes India entry

Singapore’s real estate management firm, CapitaLand Investment Ltd (CLI), launched its first data centre in India’s Navi Mumbai on Tuesday with an announcement of pumping in more than ₹9,200 crore (2.3-billion Singaporean dollar) in the state by 2030 to fuel its growth in its two key markets – Mumbai and Pune – in areas like data centres, logistics and industrial parks.  

The company’s growth strategy for India includes increasing its funds from 8 billion Singaporean dollar to 15 billion Singaporean dollar by 2028, a company statement said.

Tuesday’s 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, the 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.

“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. CLI had made its entry in India in 2013 with the launch of the International Tech Park at Pune’s Hinjawadi, which was developed in partnership with the Maharashtra Industrial Development Corporation (MIDC). Over the past decade, it made significant footprint in Mumbai and Pune with investments of over ₹6,800 crore across 10 areas spanning business parks, data centres, and logistics facilities.

Across India, the company expanded its portfolio with investments in over 55 IT and business parks, co-working, industrial, logistics, lodging and data centre assets across eight cities in India, Bangalore, Chennai, Goa, Gurgaon, Hyderabad, Kolkata, Mumbai, and Pune. 

In Maharashtra, CLI’s presence has been the strongest with five operational business parks with a total leasable area of 9.7 million square feet. 

Additionally, it plans to add another 4.5 million square feet in the state’s key commercial hubs while development is underway in logistics projects totalling 17 miilion square feet under Ascendas-Firstspace. AI generated News

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