CapitaLand Investment (CLI) has signed a memorandum of understanding (MOU) with the Maharashtra Government in India to invest $2.83 billion by 2030 to drive growth in Mumbai and Pune.
CLI says that the planned investments in Maharashtra are part of its broader growth strategy for India where the company aims to increase its funds under management from $8 billion to $15 billion by 2028.
These investments will be across business parks, data centres, logistics and industrial parks.
CLI currently has five operational business parks in Maharashtra with a total leasable area of 9.7 million sq ft and plans to add another 4.5 million sq ft.
CLI has invested in four of the business parks - ITPP-H, aVance Pune I & II, and Aurum Q Parc in Mumbai through CapitaLand India Trust (CLINT). The fifth business park, International Tech Park Pune, Kharadi, is held under CLI’s private fund, Ascendas India Growth Programme.
CLINT has four data centres in Mumbai, Bangalore, Chennai and Hyderabad with a total power capacity of 244 megawatts (MW). Tower 1 of its data centre in Mumbai with 54 MW capacity has been fully leased and has commenced operations, while Tower 2, also with a power capacity of 54 MW, is at the early stages of development. CLINT’s remaining three data centres are under development.
See also: GLDB and 129Knots launch embedded finance initiative for marine fuel sector
CLI has five logistics and industrial parks in Mumbai and Pune under Ascendas-Firstspace, spanning 5.3 million sq ft, as well as a 1.2 million sq ft warehousing park in Panvel, Mumbai under CLINT.
CLI also has a development pipeline of logistics projects totalling 17 million sq ft under Ascendas-Firstspace, which will cater to the increasing needs of e-commerce, manufacturing, and third-party logistics players in Maharashtra.
The announcement was made at the launch of CLI’s first data centre in India in Navi Mumbai, on Aug 12. It was attended by SIngapore’s deputy prime minister and minister for trade and industry Gan Kim Yong; chief minister of Maharashtra Shri Devendra Fadnavis; chairman of CapitaLand India Trust (CLINT) Maohar Khiatani; CEO CLI india Sanjeev Dasgupta, among others.
Shares in CLI closed 2 cents lower or 0.722% down at $2.75 on Aug 12.
