CapitaLand's International Tech Park-Radial Road Phase-1 goes on stream

Chennai, Oct 31 (PTI) The first phase of the International Tech Park Chennai, Radial Road set up by Singapore-based CapitaLand Investment was inaugurated by Tamil Nadu Chief Minister M K Stalin here on Tuesday.

The ITPC-Radial Road is the first business park in the country to be certified by the Indian Green Building Council as net zero for energy efficiency, water conservation and waste management.

The first phase comprising 1.3 million sq ft of the total five million sq ft at the ITPC-Radial Road, has already signed a lease agreement with Vestas Wind Technology India for office space for about 2.50 lakh sq ft.

The development of Phase 2 is currently underway and expected to commence operations by the second quarter of 2024.

Expressing happiness over the commencement of operations of Phase I, Stalin said an industrial revolution was happening in Tamil Nadu with several companies setting up shops in the state in the last two years.

"It is a proud moment for all of us as CapitaLand Investments is also joining those companies by setting up an office on a 5 million sq ft space today. It has planned to set up office buildings that can accommodate 50,000 IT engineers." the chief Minister said at the inauguration.

Stalin recalled his trip to Singapore in May to invite companies to invest in the state and it was during this visit, that he held a brief interaction with the CapitaLand CEO Sanjeev Dasgupta who had discussed the setting up of the business park in Chennai.

"We are taking various measures to make Tamil Nadu lead in the industrial front. In order to ensure that there should be overall development across the state, we have announced and implemented nine new tidal parks in tier II and III cities," he said.

The government is also taking various policy-level initiatives to boost investments and it is in this connection that the Research and Development policy was also unveiled by the government, he said.

In the manufacturing and services sectors, Tamil Nadu holds a special place at the global level. By looking at the progress of the state, it gives us confidence to say achieving the USD 1 trillion economy goal by 2030 is not very far, he remarked.

Minister for Industries T R B Rajaa said, "CapitaLand, formerly Ascendas, has been Tamil Nadu's trusted partner for two decades. We congratulate them on their latest project in Chennai. We are immensely happy to see our relationship with CapitaLand continue, reaffirming their faith in Tamil Nadu." On setting up the park in Chennai, Dasgupta said, "CapitaLand Investments has witnessed Tamil Nadu's transformation over the last 18 years since we entered Chennai, and the city is now among the fastest-growing markets within India..." "This is a testament to the state's business-friendly environment and highly skilled workers. To date, CLI has invested about 750-800 Singapore dollars in Chennai and we expect to invest over 500 million Singapore dollars, in the next five years across multiple asset classes with a special focus on IT parks, logistics, and data centers," he said.

Phase 1 and Phase 2 of ITPC-Radial Road comprises 2.6 million sq ft of office space being developed by CapitaLand Investment under the newly launched CapitaLand India Growth Fund 2 with a target fund size of 525 million Singapore dollars to invest in Grade A business parks in prime locations across India.

CapitaLand Investment first entered Chennai in 2005 with the establishment of International Tech Park Chennai in Taramani. The company has IT parks, industrial parks, logistics, and warehousing assets in Chennai. Recently, the company announced plans to set up a data centre in Ambattur, Chennai at an outlay of Rs 1,200 crore. PTI VIJ SS