CapitaLand Investment Limited has signed three memoranda of understanding (MoUs) with the government of Tamil Nadu to invest over Rs 45 billion in the state over the next five years.
The MoUs include developments in International Tech Park Chennai (IITPC), Radial Road, with about Rs 15 billion investment; a data centre development at Ambattur with over Rs 11.5 billion investment, and logistics portfolio expansion in Chennai through Ascendas First Space with Rs 10 billion of investment.
For ITPC Radial Road, the five million sq. feet business park offers four grade A office blocks with the capacity to house over 50,000 information technology (IT) service professionals. In addition, the development of tower 2, under phase 1 is currently underway and set to begin operations by the second quarter (Q2) of 2024. The MoU was signed to further develop the park under phase 2, for tower 3 and tower 4 with an investment of Rs 15 billion.
Meanwhile, CapitaLand India Trust (CLINT) acquired a 4.01-acre freehold site in Ambattur, Chennai to develop its third data centre in India. CLINT will invest an estimated total amount of about Rs 19.4 billion to acquire the site and develop a data centre in phases over the next four to five years. The data centre is scheduled to be completed by the end of 2025.
Furthermore, the company plans to foray into tier-2 cities like Lucknow, Coimbatore, Guwahati, Bhubaneswar, and Kolkata.
