4 days ago
CapitaLand Investment to invest over 192 billion rupees in India's Maharashtra state by 2030
[SINGAPORE] CapitaLand Investment (CLI) will invest more than 192 billion rupees (S$2.8 billion) in Maharashtra by 2030, deepening its presence in the key Indian markets of Mumbai and Pune.
The commitment was unveiled on Tuesday (Aug 12) during the launch of CLI's first data centre in India, located in Navi Mumbai.
In a statement, CLI described the planned investments as an 'integral part' of its wider growth strategy for India. The company aims to expand its funds under management in the country from more than S$8 billion currently to around S$15 billion by 2028.
The investments will span business parks, data centres, logistics and industrial parks; and is a sign of CLI's confidence in Maharashtra's potential as a hub for innovation, services, digital infrastructure, manufacturing and logistics.
On the same day, CLI signed a memorandum of understanding with the Maharashtra government to formalise the plans.
Sanjeev Dasgupta, chief executive officer of CLI India, said Maharashtra's strong economic fundamentals and mature IT and industrial ecosystem offer 'significant opportunities' for the group to expand.
'We will continue to scale our investments in Maharashtra through our listed trust, CapitaLand India Trust; our private funds; and the Ascendas-Firstspace platform,' Dasgupta said. 'We look forward to strengthening our partnership with the state and contributing further to its commercial and industrial growth.'
CLI closed 0.7 per cent or S$0.02 lower at S$2.75 on Tuesday.
