(Reuters) -Singapore’s CapitaLand Investment signed an agreement with the state government of Maharashtra, India to invest 192 billion rupees ($2.19 billion) by 2030 to drive its growth in Mumbai and Pune, the real estate asset manager said on Tuesday.
The planned investments is part of its broader growth strategy for India, where it aims to increase its funds under management to around S$15 billion by 2028 from more than S$8 billion, the company said.
CapitaLand’s investments will cover business parks, data centres, logistics and industrial parks in the western state of India, where it has had operations since 2013, it said.
The company will scale up the investments through its listed trust CLINT, its private funds and the Ascendas-Firstspace platform, said CEO Sanjeev Dasgupta.
The Temasek-backed firm had invested around 68 billion rupees over the past decade across 10 assets spanning business parks, data centres and logistics facilities in Mumbai and Pune.
Across India, where the company has been operating for over three decades, CapitaLand has more than 55 IT and business parks, data centres and other assets.
($1 = 87.6450 Indian rupees)
(Reporting by Sherin Sunny in Bengaluru; Editing by Leroy Leo)
