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In Chennai, CapitaLand Investment (CLI) has unveiled the first phase of its ambitious International Tech Park, covering 5 million square feet. The entire project, spanning Phase 1 and Phase 2, involves an investment of Rs 1600 crore, marking a significant boost to the local economy. Tamil Nadu Chief Minister M K Stalin inaugurated the park on October 31, symbolizing a pivotal moment in the city's urban development.
The first phase, encompassing 1.3 million square feet, has already secured a lease agreement with Vestas Wind Technology India for approximately 2.5 lakh square feet of office space, indicating a positive reception from the business community. Work on Phase 2 is currently in progress and is slated to commence operations by the second quarter of 2024, promising further economic growth and job opportunities for the region.
CapitaLand Investment is steering the development of both Phase 1 and Phase 2 of the International Tech Park on Radial Road under the newly established CapitaLand India Growth Fund 2 (CIGF2). This fund, with a target size of $525 million, demonstrates a substantial commitment to India's burgeoning business landscape. The fund aims to invest in Grade A business parks strategically located across major cities in India, fostering a conducive environment for entrepreneurship and innovation.
In August 2023, CLI successfully secured $262.5 million from Mitsubishi Estate Co. Ltd for a 50 per cent stake in the fund's first closing, showcasing the project's appeal to international investors. As part of the deal, CIGF2 acquired a 70 per cent equity stake in ITPC-Radial Road as a seed asset from CLI for $95 million, highlighting the confidence in the project's potential. Despite the divestment, CLI remains actively involved in managing ITPC-Radial Road, ensuring seamless operations and continued success.
At the inauguration ceremony, Chief Minister M K Stalin expressed his pride in CapitaLand Investments for establishing an expansive office space covering 5 million square feet. The project's goal to accommodate 50,000 IT engineers aligns perfectly with the government's vision for transforming Chennai into a tech hub, fostering innovation and driving economic prosperity for the region.
In conclusion, CapitaLand Investment's unveiling of the International Tech Park in Chennai represents a pivotal moment in the city's economic trajectory. With strategic investments, international collaborations, and a focus on technological innovation, the project is poised to become a beacon of progress, transforming Chennai into a thriving business destination, and fostering a prosperous future for its residents.
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