CapitaLand Investment Limited (CLI), a global real asset manager, has signed a Memorandum of Understanding (MoU) with the government of the western Indian state of Maharashtra, indicating its plans to invest over Rs. 19,200 crores (~US$ 2.19 billion) by 2030, to drive its growth in Mumbai and Pune.
In a press release, CLI revealed that the planned investments in Maharashtra are an integral part of CLI’s broader growth strategy for India, where the company aims to increase its funds under management from over US$ 6.2 billion to some US$ 11.6 billion by 2028. They will be across business parks, data centres, logistics and industrial parks.
The announcement was made at the launch of CLI’s first data centre in India, located in Navi Mumbai. The launch was graced by Mr Gan Kim Yong, Singapore’s Deputy Prime Minister and Minister for Trade and Industry; Mr Jeffrey Siow, Acting Minister for Transport and Senior Minister of State for Finance; and Shri Devendra Fadnavis, Hon’ble Chief Minister of Maharashtra. Mr Manohar Khiatani, Chairman, CapitaLand India Trust (CLINT) and Senior Executive Director, CLI; Mr Sanjeev Dasgupta, Chief Executive Officer, CLI India; senior government dignitaries; and CLI partners and staff also attended the event.
Sanjeev Dasgupta, CEO, 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.” He further said, “We will continue to scale our investments in Maharashtra through our listed trust, CLINT; our private funds; and the Ascendas-Firstspace platform. We look forward to strengthening our partnership and contributing further to Maharashtra’s commercial and industrial growth.”
CLI’s presence in Maharashtra commenced 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 significantly expanded its footprint in Mumbai and Pune, investing over Rs. 6,800 crores (~US$ 775 million) across 10 assets spanning business parks, data centres and logistics facilities.
