Global real asset manager CapitaLand Investment Limited (CLI) on Wednesday announced to more than double its funds under management (FUM) in its core market India to $14.8 billion Singapore dollars (Rs 90,280 crore) by 2028 -- up from the current 7.4 billion Singapore dollars – as Prime Minister Narendra Modi began his two-day official visit to Singapore.
The announcement will contribute to CLI’s global target of achieving $200 billion Singapore dollars in FUM by 2028, the company said in a statement.
Singapore's High Commissioner to India, Simon Wong, posted on X that it is "good to see Singapore companies doubling down on investments in India".
CLI entered India 30 years ago with the development of its first IT park called the International Tech Park Bangalore (ITPB). Its footprint has since expanded to 14 business and IT parks, offering 23.5 million square feet of space strategically located across Bengaluru, Chennai, Hyderabad, Pune, Mumbai and Gurugram, with more than 250,000 professionals working from these parks.
"India has been one of our fastest growing markets, where our investments have tripled in the last seven years. With India’s GDP forecasted to grow 7 per cent in 2024 and its trajectory to be the world’s third-largest economy in the next five years, the country is attracting demand from global corporations and institutional investors for quality real assets," said Lee Chee Koon, Group Chief Executive Officer, CLI.
As a long-term investor in India, "we not only invest in the assets but also contribute significantly to the economic development of the country", he added.
With a current land bank of over 16 million square feet, CLI will accelerate development activities to address the increasing demand for premium office spaces across key metropolitan cities.
CLINT, the largest India-focused property trust listed in Singapore, will continue to develop and execute forward purchase acquisitions, securing prime assets to ensure a robust pipeline for sustained growth.
The real asset major will also seek joint development and joint venture opportunities with capital partners, along with commercial management partnerships, to expand in India.
"We will leverage our operational expertise to grow the value of our assets, further expand our logistics footprint under our established logistics platform, Ascendas-Firstspace (AFS) and scale up our lodging portfolio through CLI’s lodging arm, The Ascott Limited," said Sanjeev Dasgupta, CEO, CLI India.
Mistake that benefits no one: World leaders react to Trump's 'reciprocal tariffs'
As US President Donald Trump signed an executive order on the so-called "reciprocal tariffs," the world reacted sharply against the decision, with some calling it a "mistake that benefits no one" while others called it a violation of Washington's obligations under the World Trade Organization (WTO).
Indian pharmaceutical exports get reprieve from Trump’s reciprocal tariffs
Because of the importance of India’s pharmaceuticals to US healthcare, those exports will get a reprieve from President Donald Trump’s reciprocal tariffs, according to the White House.
India stands less impacted by Trump tariffs than global peers: Industry
As US President Donald Trump announced reciprocal tariffs on dozens of countries, including India, industry experts said on Thursday that it appears India's export competitiveness to the US market stands far less impacted on a relative basis compared to global peers.
IAF pilot killed, another critical as Jaguar fighter jet crashes in Gujarat
An Indian Air Force (IAF) pilot lost his life, while another sustained critical injuries after their two-seater Jaguar fighter jet crashed near Gujarat's Jamnagar Airfield, the IAF confirmed on Thursday.
PM Modi emplanes for Thailand; to attend BIMSTEC summit
Prime Minister Narendra Modi on Thursday emplaned for Thailand on a state visit to attend the 6th BIMSTEC Summit, with his visit also set to bolster bilateral relations between New Delhi and Bangkok.
Tripura CM stresses promoting NE states' potential to attract investment
Tripura Chief Minister Manik Saha on Wednesday said that the development of the communication process and system has generated a lot of investment potential, and therefore, more emphasis should be placed on promotion to attract investors in all the northeastern states.
Tripura has 94,723 Lakhpati Didis; 93,425 women to get similar status soon: Minister
Among the 4,75,582 Self Help Group (SHGs) members in Tripura, 94,723 women emerged as ‘Lakhpati Didis’ through their engagement in various enterprising units and 93,425 more women would be ‘Lakhpati Didis’ soon, Social Welfare and Labour Minister Tinku Roy said.
Bhavan’s Little Learners celebrate annual programme
The Bhavan’s Little Learners, Bordowali celebrated annual programme and organised prize distribution ceremony here at Agartala Rabindra Satabarshiki Bhavan on Wednesday.