CapitaLand to invest INR19,200 crores (S$2.83 billion) in Maharashtra by 2030
CapitaLand Investment has signed a Memorandum of Understanding with the Maharashtra Government to invest more than INR19,200 crores (SGD $2.83 billion) by 2030 to expand its operations in Mumbai and Pune.
The agreement sets out a framework for CapitaLand Investment's (CLI) plans to strengthen its position across business parks, data centres, logistics, and industrial sectors within these cities. The company first entered the Maharashtra market in 2013, partnering with the Maharashtra Industrial Development Corporation (MIDC) to launch the International Tech Park Pune, Hinjawadi. Since then, CLI has invested over INR6,800 crores (SGD $1 billion) in Mumbai and Pune, across ten assets which include business parks, data centres, and logistics facilities.
The new investment forms part of CLI's wider strategy for growth in India, as it seeks to increase its funds under management from over SGD $8 billion to approximately SGD $15 billion by 2028. CLI says the investment will be channelled into expanding its portfolio of business parks, data centres, logistics, and industrial parks.
Reflecting on the company's history in India and collaboration with the state, Sanjeev Dasgupta, Chief Executive Officer, 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. The state has been a steadfast partner in our growth journey over the past decade, and we value the strong support and collaboration. 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 believes its extended track record in India, now spanning more than 30 years, offers it experience as a real asset manager, developer, and operator, combining global expertise with local partnerships to deliver what it describes as high-quality, sustainable projects.
Business parks
CLI currently operates five business parks in Maharashtra with a total leasable area of 9.7 million square feet. The company has announced plans to add a further 4.5 million square feet, consolidating its presence in key local commercial centres. CLI's investments in business parks include International Tech Park Pune, Hinjawadi; aVance Pune I and II; and Aurum Q Parc in Mumbai through its listed trust, CLINT. Its fifth business park, International Tech Park Pune, Kharadi, is managed under a private fund, the Ascendas India Growth Programme.
Data centres
As part of its data centre strategy for India, CLINT currently has four data centre projects in major cities - Mumbai, Bangalore, Chennai, and Hyderabad - with total power capacity of 244 megawatts. In Mumbai, the first tower of CLI's data centre, featuring a capacity of 54 megawatts, has been fully leased and has commenced operations. The construction of the second tower, also with 54 megawatts capacity, is in an early phase. The remaining three data centres are under development.
Logistics and industrial
CLI's logistics and industrial footprint in Mumbai and Pune includes five parks under its Ascendas-Firstspace platform, covering 5.3 million square feet. Additionally, CLI has a 1.2 million square foot warehousing park in Panvel, Mumbai, managed under CLINT. Looking ahead, CLI reports a development pipeline of logistics projects totalling 17 million square feet across Maharashtra, aimed at supporting the region's eCommerce, manufacturing, and third-party logistics sectors.
Since establishing its presence in India more than three decades ago, CLI has developed a portfolio that comprises over 55 assets including IT and business parks, coworking spaces, industrial, logistics, lodging, and data centre assets, distributed across eight cities. These cities include Bangalore, Chennai, Goa, Gurgaon, Hyderabad, Kolkata, Mumbai, and Pune.
CLI's announced investment is intended to support ongoing expansion across India's fast-developing commercial real estate markets and address growing demand in its target sectors.
