for $147 mil
CapitaLand Investment (CLI) has recently signed a memorandum of understanding (MOU) with the Maharashtra Government in India. Under this MOU, CLI will be investing $2.83 billion by 2030 to drive growth in the cities of Mumbai and Pune. CLI’s strategic investments in Maharashtra are a key part of the company’s overall growth plan for India. The company aims to increase its funds under management from $8 billion to $15 billion by 2028.
CLI’s investments will be focused on developing business parks, data centres, logistics and industrial parks in Maharashtra. Currently, the company has five operational business parks in the state, with a total leasable area of 9.7 million sq ft. This investment aims to add another 4.5 million sq ft to CLI’s portfolio.
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CLI has already invested in four of the business parks – ITPP-H, aVance Pune I & II, and Aurum Q Parc in Mumbai through its real estate investment trust, 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 also has four data centres in Mumbai, Bangalore, Chennai, and Hyderabad, with a total power capacity of 244 megawatts (MW). CLI’s data centre in Mumbai, with a power capacity of 54 MW, is fully leased and operational. The company is also developing a second data centre with the same power capacity in the same location. Moreover, CLINT has three other data centres currently under development.
CLI also has a strong presence in the logistics and industrial parks sector in Maharashtra. The company has five logistics and industrial parks under the brand of Ascendas-Firstspace, spanning a total of 5.3 million sq ft. Additionally, CLI also has a 1.2 million sq ft warehousing park in Panvel, Mumbai, under CLINT. With the growing demand for logistics and industrial spaces in Maharashtra, CLI has plans to develop another 17 million sq ft of logistics projects under the Ascendas-Firstspace brand.
The MOU signing event was held on Aug 12, at the launch of CLI’s first data centre in India in Navi Mumbai. The event 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 Maohar Khiatani, and CEO of CLI India Sanjeev Dasgupta, among others.
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This article was first published in The Business Times.