On January 9, the government of Tamil Nadu and Singapore-based CapitaLand Investment Ltd inked three memorandums of understanding (MoUs) committing over Rs 4,500 crore in investments over the next five years.
According to sources within the company who spoke to Moneycontrol, the MoUs cover developments in International Tech Park Chennai, Radial Road, with an investment of roughly Rs 1,000 crore; a data center development at Ambattur with an investment of over Rs 1,500 crore; and an expansion of the logistics portfolio in Chennai through Ascendas First Space, with an investment of Rs 1,150 crore.
The business said that ITPC Radial Road is a five million square foot (msf) business park that has four Grade A office buildings that can accommodate more than 50,000 IT service workers. Phase 2, Tower 3, and Tower 4 are presently under construction, with plans to start operations by Q2 of CY2024.
To build its third data center in India, CapitaLand India Trust (CLINT) purchased a 4.01-acre freehold site in Ambattur, Chennai. Over the course of the next four to five years, CLINT plans to invest an estimated total of roughly Rs 1,940 crore to acquire the property and build a data center in phases. It is planned for the data center to be finished by the end of 2025.
