Singapore-based CapitaLand Investment Ltd on January 9 signed three memorandum of understanding (MoUs) with the Tamil Nadu government to invest over Rs 4,500 crore in the state over the next five years.
The MoUs include developments in International Tech Park Chennai, Radial Road, with about Rs 1,500 crore investment; a data centre development at Ambattur with over Rs 1,150 crore investment; and logistics portfolio expansion in Chennai through Ascendas First Space with Rs 1,000 crore of investment, sources in the company told Moneycontrol.
For ITPC Radial Road, the company added that the five million square feet (msf) business park offers four Grade A office blocks with the capacity to house over 50,000 IT service professionals. The development of Tower 2, under Phase 1 is currently underway and set to begin operations by Q2 2024. The MoU was signed to further develop the park under Phase 2, for Tower 3 and Tower 4 with an investment of Rs 1500 crores
CapitaLand India Trust (CLINT) acquired a 4.01-acre freehold site in Ambattur, Chennai to develop its third data centre in India. CLINT will invest an estimated total amount of about Rs 1,940 crore to acquire the site and develop a data centre in phases over the next four to five years. The data centre is scheduled to be completed by the end of 2025.
Ascendas-Firstspace (AFS) operates two logistics and industrial facilities in Chennai namely, AFS, Oragadam comprising 150 acres and AFS, Periyapalyam spread over 120 acres. AFS Oragadam has further acquired 125 acres of land adjacent to the existing park. AFS will invest another Rs 1,000 crore in the facility over the next 5 years, sources added.
Previously, the company said, it is planning to deploy around Rs 4,500 crore over the next six to seven years to expand its footprint into business parks and industrial logistics parks in India.
The company plans to foray into tier-2 cities like Lucknow, Coimbatore, Guwahati, Bhubaneswar and Kolkata. It is also looking to enter new business segments like renewable energy and credit financing.
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