CapitaLand Investment opens a Tech Park in Chennai
By MYBRANDBOOK
The first phase of Chennai's 5 million square foot International Tech Park has been opened by CapitaLand Investment. Phase 1 and Phase 2 investments combined will amount to a total of Rs 1,600 crore.
The Tech Park is located on the Radial Road and was inaugurated by Tamil Nadu Chief Minister M K Stalin on October 31.
A lease agreement has already been inked with Vestas Wind Technology India for office space for about 2.5 lakh sq ft. Phase 2 activities are anticipated to start in Q2 2024.
ITPC-Radial Road’s Phase 1 and 2 are being developed by CapitaLand Investment under the newly launched CapitaLand India Growth Fund 2 (CIGF2), with a target fund size of $525 million to invest in Grade A business parks in prime locations across gateway cities in India.
CLI bagged $262.5 million from Mitsubishi Estate in August 2023 for a 50 percent stake in the fund’s first closing. CIGF2 has since acquired a 70 percent equity stake in ITPC-Radial Road as a seed asset from CLI for $95 million and the remaining 30 percent stake is held by CLI. After divestment, ITPC-Radial Road will be maintained by CLI.
"It is a proud moment for all of us as CapitaLand Investments is also joining those companies by setting up an office on a 5 million sq ft space today. It has planned to set up office buildings that can accommodate 50,000 IT engineers," the Chief Minister said at the inauguration.
Commenting on the launch, Sanjeev Dasgupta, CEO of CLI India said, "To date, CLI has invested about $750-$800 million in Chennai and we expect to invest over $500 million in the next five years across multiple asset classes, with a special focus on IT parks, logistics, and data centres. We hope to further contribute to the government’s efforts in enhancing the state's infrastructure."
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Cisco building a trusted and resilient future for the nation
Security is foundational to everything Cisco does and customers insist on e
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
STERLITE TECHNOLOGIES LTD.
POLYCAB INDIA PVT. LTD
MATRIX COMSEC PVT. LTD.
CENTRE FOR DEVELOPMENT OF TELEMATICS (C-DOT)
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : RISHAD PREMJI
Rishad Premji is Executive Chairman of Wipro Limited, a $11.3 billion ...
Icons Of India : PRATIVA MOHAPATRA
Prativa is a transformational leader with an incredible breadth of exp...
Icons Of India : Dr. Arvind Gupta
Arvind Gupta is the Head and Co-Founder of the Digital India Foundatio...
PARTNER SPEAKERS
PSU
BEL - Bharat Electronics Limited
BEL is an Indian Government-owned aerospace and defence electronics co...
CERT-IN - Indian Computer Emergency Response Team
CERT-In is a national nodal agency for responding to computer security...
ITI - ITI Limited
ITI Limited is a leading provider of telecommunications equipment, sol...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - ARVIND KRISHNA, CEO – IBM
Arvind Krishna, an Indian-American business executive, serves as the C...
Indian Tech Talent Excelling The Tech World - PADMASREE WARRIOR, Founder, President & CEO - Fable
Padmasree Warrior, the Founder, President, and CEO of Fable, is revolu...
Indian Tech Talent Excelling The Tech World - Shantanu Narayen, CEO- Adobe Systems Incorporated
Shantanu Narayen, CEO of Adobe Systems Incorporated, is renowned for h...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
