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CLI Pours Over S$500 Million Into Chennai Over Next Five Years Across Multiple Asset Classes

By Outlook Planet Desk November 02, 2023

IGBC has recognised it as a net zero park for energy efficiency, water conservation, and waste management

CLI  Pours Over S$500 Million Into Chennai Over Next Five Years Across Multiple Asset Classes
CLI bolsters its presence in one of India's fastest-growing markets with a stellar commitment to invest over S$500 million in Chennai over the next five years across various asset classes. Shutterstock
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In an important move for sustainable development, CapitaLand Investment Limited (CLI) has ushered in Phase 1 of International Tech Park Chennai, Radial Road (ITPC-Radial Road), India's maiden business park certified as Net Zero by the Indian Green Building Council (IGBC). Situated within Chennai's burgeoning IT corridor, this 5-million-square-foot marvel promises four state-of-the-art office blocks, catering to more than 50,000 IT professionals upon completion.

CLI bolsters its presence in one of India's fastest-growing markets with a stellar commitment to invest over S$500 million in Chennai over the next five years across various asset classes.

CLI's dynamic initiative is steering the development of Phase 1 and Phase 2 of ITPC-Radial Road, encompassing 2.6 million square feet of office space. August 2023 saw CLI secure S$262.5 million (INR 16.3 billion) from Mitsubishi Estate Co. Ltd. for a 50% stake in the fund's first closing, setting the stage for CIGF2's acquisition of a 70% equity stake in ITPC-Radial Road. CLI retains a 30% stake and will continue to manage the park after divestment.

CLI's ground-breaking project goes beyond conventional business parks. recognised by IGBC as a Net Zero park for energy efficiency, water conservation, and waste management. ITPC-Radial Road has also earned IGBC's Platinum pre-certification and a WELL pre-certification for enhancing occupant well-being.

The park's eco-friendly features include an intelligent building management system and digital twin technology for real-time energy efficiency monitoring. Additionally, it boasts modern amenities such as a food court, coworking spaces, medical centres, a crèche, a health club, and convenience stores. Open, collaborative spaces adorned with public art enhance the park's unique character.

CLI first ventured into Chennai in 2005 by establishing International Tech Park Chennai-Taramani1 (ITPC-Taramani), marking its imprint on the city's IT infrastructure. In addition to IT parks, CLI's diversified Chennai portfolio includes industrial parks, logistics warehousing, and lodging assets. Their recent announcement of a data centre in Ambattur, Chennai, underscores their unwavering support for India's IT growth.

Gauri Shankar Nagabhushanam, CEO of India Business Parks at CLI, expressed gratitude to the government, clients, and partners for supporting CLI's journey. He stated, "ITPC-Radial Road reflects our commitment to innovation, sustainability, and creating a world-class environment."

CapitaLand Investment Limited's bold venture in Chennai marks a significant stride towards a greener, sustainable future and a testament to its dedication to shaping India's evolving business landscape.

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