CapitaLand Investment Ltd, based in Singapore, has inked three memoranda of understanding (MoUs) with the Tamil Nadu government on January 9, committing to invest over Rs 4,500 crore in the state within the next five years.
The MoUs encompass strategic developments, including a Rs 1,000 crore investment in the International Tech Park Chennai on Radial Road, a data center development in Ambattur with an investment exceeding Rs 1,500 crore, and the expansion of the logistics portfolio in Chennai through Ascendas First Space, involving an investment of Rs 1,150 crore, according to sources within the company.
In regard to the International Tech Park Chennai on Radial Road, the company specified that the ongoing development encompasses a five million square feet business park featuring four Grade A office blocks, with the capacity to accommodate over 50,000 IT service professionals. The development of Phase 2, Tower 3, and Tower 4 is currently in progress and is scheduled to commence operations by Q2 CY2024.
CapitaLand India Trust (CLINT) has acquired a 4.01-acre freehold site in Ambattur, Chennai, for the establishment of its third data center in India. With an estimated total investment of about Rs 1,940 crore, CLINT plans to develop the site into a data center in phases over the next four to five years, targeting completion by the end of 2025.
Ascendas-Firstspace (AFS) operates two logistics and industrial facilities in Chennai, namely AFS Oragadam spanning 150 acres and AFS Periyapalyam covering 120 acres. AFS Oragadam has recently acquired an additional 125 acres of adjacent land. AFS is set to invest an additional Rs 1,000 crore in the facility over the next five years.
Previously, CapitaLand Investment had announced plans to deploy approximately Rs 4,500 crore over the next six to seven years, aiming to expand its presence in business parks and industrial logistics parks in India. The company is also exploring entry into tier-2 cities such as Lucknow, Coimbatore, Guwahati, Bhubaneswar, and Kolkata, along with diversification into new business segments like renewable energy and credit financing.