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CapitaLand Investment to invest Rs 19,200 crore in Maharashtra by 2030

CapitaLand Investment Limited (CLI), a global real asset manager, has signed a memorandum of understanding (MoU) with the Maharashtra government, outlining its plans to invest over Rs 19,200 crore (SGD 2.83 billion) by 2030. The planned investments in Maharashtra are part of CLI's broader growth strategy for India, where the company aims to increase its funds under management from over SGD 8 billion to about SGD 15 billion by 2028. The investments will be across business parks, data centres, logistics and industrial parks in the Mumbai Metropolitan Region (MMR) and Pune. CLI's presence in Maharashtra began in 2013 with the launch of International Tech Park Pune, Hinjawadi (ITPP-H), developed in partnership with the Maharashtra Industrial Development Corporation (MIDC). Over the past decade, CLI has expanded its footprint in Mumbai and Pune, investing over Rs 6,800 crore (SGD 1 billion) across 10 assets spanning business parks, data centres and logistics facilities. Sanjeev Dasgupta, chief executive officer of CLI India, said: '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. The state has been a steadfast partner in our growth journey over the past decade, and we value the strong support and collaboration. We will continue to scale our investments in Maharashtra through our listed trust, CLINT; our private funds; and the Ascendas-Firstspace platform.' CLI has five operational business parks in Maharashtra with a total leasable area of 9.7 million square feet (msf) and plans to add another 4.5 msf. It has invested in four of the business parks through CapitaLand Investment Trust (CLINT), Asia's largest India-focused property trust listed in Singapore. The fifth business park, International Tech Park Pune, Kharadi, is held under CLI's private fund, Ascendas India Growth Programme. CLI also has five logistics and industrial parks in Mumbai and Pune under Ascendas-Firstspace, spanning 5.3 msf, as well as a 1.2 msf warehousing park in Panvel, Mumbai, under CLINT. In addition, CLI has a development pipeline of logistics projects totalling 17 msf under Ascendas-Firstspace.