CLI to invest over $500 mn in Chennai in 5 yrs
It recently announced plans to set up a data centre in Ambattur, with an investment of over Rs 1,200 crore.
CLI management with TN CM M.K Stalin and government leaders at the launch of ITPC-RR
CHENNAI: Singapore fund CapitaLand Investment (CLI), which has commenced the operations of the first phase of International Tech Park Chennai, Radial Road, was inaugurated by TN chief minister MK Stalin on Tuesday.
CLI first entered Chennai with the establishment of International Tech Park Chennai – Taramani (ITPC-Taramani), the city’s first private IT park, in 2005. It recently announced plans to set up a data centre in Ambattur, with an investment of over Rs 1,200 crore.
ITPC-Radial Road is touted as the first business park in India to be certified by the Indian Green Building Council as Net Zero for energy efficiency, water conservation and waste management. Located along Chennai’s newest and fastest growing IT corridors, the 5 mn sqft business park will offer four Grade A office blocks with the capacity to house over 50,000 IT service professionals upon completion.
In Phase 1, the 1.3 mn sq ft office block has already signed a lease commitment with Vestas Wind Technology India for about 250,000 sq ft of office space and continues to attract active tenant interest. The development of Phase 2 is currently underway and set to begin operations by 2Q 2024.
The launch of ITPC-Radial road was also graced by TRB Rajaa, TN Minister for Industries, Investment Promotion & Commerce; TM Anbarsan, Minister for MSME; senior leaders from CLI including Miguel Ko, chairman, CLI and Sanjeev Dasgupta, CEO, CLI India and Masanori Iwase, EO, Mitsubishi Estate.
Rajaa said, “CapitaLand, formerly Ascendas, has been TN’s trusted partner for two decades, powering our knowledge economy and providing the infrastructure for several IT and ITES companies.”
Dasgupta said: “CLI has witnessed Tamil Nadu’s transformation over the last 18 years since we entered Chennai, and the city is now among the fastest-growing markets within India for CLI where we have the most diversified portfolio of assets. To date, CLI has invested about S$750-S$800 mn in Chennai and we expect to invest over S$500 mn in the next five years across multiple asset classes, with a special focus on IT parks, logistics, and data centres.”
Phase 1 and Phase 2 of ITPC-Radial road comprising 2.6 mn square feet of office space road is being developed by CapitaLand Investment under the newly launched CapitaLand India Growth Fund 2, with a target fund size of S$525 mn to invest in Grade A business parks in prime locations across gateway cities in India.