A three-decade legacy and partnership

By Sanjeev Dasgupta , CEO, CapitaLand Investment India

With more than 30 years of presence in India, CapitaLand Investment continues to grow its holdings in the country. 

As it celebrated its 30 years anniversary of establishment in India, CapitaLand Investment (CLI) announced plans in June last year to more than double its funds under management of S$7.4 billion in India by 2028.

Headquartered and listed in Singapore, the global real asset manager is among the country’s early investors. Chief executive officer of CLI India Sanjeev Dasgupta shares about the company’s history in India, strategic direction and future plans.

Previously known as Ascendas, CLI pioneered the first business park in Bangalore in 1994, setting a benchmark for the IT parks industry in India. The park attracted multinational companies to set up operations, generating employment opportunities for India’s high quality talent pool. Also in 2007, Ascendas India Trust (now CapitaLand India Trust) was listed on the Singapore Exchange Securities Trading Limited (SGX-ST) as the first Indian property trust in Asia.

CLI’s well-diversified portfolio comprises over 40 IT and business parks, industrial, logistics, lodging and data centre assets across Bangalore, Chennai, Goa, Gurgaon, Hyderabad, Kolkata, Mumbai, and Pune. The company has also formed joint ventures with state governments for projects like International Tech Parks in Whitefield, Bangalore and Taramani, Chennai.

2016 saw the entry of CLI in the logistics and industrial segment. Since then, it has expanded its portfolio by seeding new private funds for logistics and through CapitaLand India Trust (CLINT), and will continue to cater to the rising demand for high-quality logistics and industrial infrastructure.

Rising demand for data and high quality assets led to CLI entering the data centre market in India in 2021. It is developing four data centres in Mumbai, Chennai, Hyderabad and Bangalore with a total gross power capacity of 244 megawatts. The first data centres in Navi Mumbai and Hyderabad, are expected to begin operations later this year.

CLI has always believed in India’s immense potential and long-term growth. As one of the fastest growing markets for the company, its investments in India have tripled in the last seven years. Given its deep country expertise and India’s strong economic tailwinds, CLI has committed to expanding its holdings in India.

This growth will mainly come from investing across targeted sectors like business parks, industrial and logistics, and developing data centres through CapitaLand India Trust and CLI’s private funds.

CLI is also actively exploring new growth avenues such as renewable energy and real estate private credit. With the Indian government aiming to achieve 500 gigawatts of renewable energy by 2030, the sector holds potential opportunity for CLI. Meanwhile, real estate private credit is gaining institutional investor interest driven by increasing demand for residential construction finance – and an opportunity for CLI to diversify its portfolio.

As a long-term investor in India, CLI focuses on developing high quality properties and cutting-edge digital infrastructure, contributing to India’s economic growth. Leveraging its strong fund management capabilities and global network of capital partners, it has also worked with strategic partners from other markets to invest in quality real assets in India through its private funds.

By actively engaging with global corporations that lease its assets, CLI supports their expansion and investment in India, fostering the creation of quality jobs.

Its diverse portfolio of tenants covers sectors such as semiconductors, software development, multimedia, pharma and health tech, energy solutions, and fintech including several Global Capability Centres. These tenants employ close to 250,000 tech professionals across CLI’s business and IT parks.

CLI’s growth in India exemplifies the strong partnership between Singapore and India, capitalising on the competitive advantages of both countries to drive economic growth.

On Republic Day, we extend our best wishes to India and its people. May you grow to greater heights and may we grow with you.