CapitaLand Investment to Double Indian Assets by 2028 Amid PM Modi's Singapore Visit

CapitaLand Investment Limited (CLI) announces plans to more than double its funds under management in India by 2028, from SD 7.4 billion. The announcement precedes PM Modi's visit to Singapore, highlighting India's strategic importance to CLI. The company celebrated its 30th anniversary in Mumbai.

In advance of Prime Minister Narendra Modi's visit to Singapore, CapitaLand Investment Limited (CLI) has revealed plans to significantly boost its funds under management in India. The global real asset manager intends to more than double its Indian assets by 2028, increasing from SD 7.4 billion (Rs 458.8 billion) as of June 30, 2024.

The announcement came as CLI celebrated its 30th anniversary in Mumbai alongside business partners, investors, and staff. Lee Chee Koon, Group Chief Executive Officer of CLI, emphasized India's importance to the company, noting that investments in the country have tripled in the last seven years. India is seen as a key market for CLI, which is focusing on geographical diversification to optimize capital balance.

With India's GDP projected to grow by 7% in 2024 and its ascent to becoming the world's third-largest economy, global interest in Indian real assets is rising. Sanjeev Dasgupta, CEO of CLI India, highlighted India's tremendous potential, mentioning the role of the CapitaLand India Trust and various private funds in driving growth. CLI is also advancing in data centers and the logistics sector, with expansive plans to meet the country's growing demands.

CLI's presence in India began 30 years ago with the International Tech Park Bangalore and has since expanded to 14 business and IT parks in major cities. The company aims to accelerate the development of its land bank exceeding 16 million square feet and expand its portfolio through joint ventures, private funds, and redevelopment strategies.

In the logistics sector, CLI has grown its portfolio since entering the market in 2016 and plans to further expand by seeding new funds and leveraging its Ascendas-Firstspace platform. Additionally, CLI ventured into the data center market in 2021 and is developing state-of-the-art facilities in key Indian cities, with its first data centers slated to open by 2025.

CLI is also exploring opportunities in renewable energy and real estate private credit, aligning with India's target of 500 gigawatts of renewable energy by 2030. With a diverse portfolio across IT, logistics, lodging, and data centers, CLI aims to capitalize on India's growing economy and infrastructural demands.

The company operates in more than 40 countries globally, managing assets in over 260 cities.

(With inputs from agencies.)