CapitaLand Investment Limited, a prominent player in real asset management, has signed a Memorandum of Understanding (MoU) with the Maharashtra government. This agreement signifies a commitment to invest over ₹19,200 crore by 2030 as part of a strategic effort to enhance its footprint in the commercial real estate sectors of Mumbai and Pune.

The announcement coincided with the inauguration of CLI’s inaugural data centre in India, situated in Navi Mumbai, on August 12. Notable figures present at the launch included Gan Kim Yong, Singapore’s Deputy Prime Minister and Minister for Trade and Industry, alongside Maharashtra Chief Minister Devendra Fadnavis.

CapitaLand’s investments will cover business parks, data centres, logistics, and industrial parks in Maharashtra, where it has operated since 2013.

According to the company statement, CLI’s presence in Maharashtra commenced in 2013 with the launch of International Tech Park Pune, Hinjawadi (ITPP-H), developed in partnership with the Maharashtra Industrial Development Corporation (MIDC).

Over the past decade, CLI has significantly expanded its footprint in Mumbai and Pune, investing over ₹6,800 crores (S$1 billion) across 10 assets spanning business parks, data centres and logistics facilities, the company said in a statement.

The planned investments in Maharashtra are an integral part of CLI’s broader growth strategy for India, where the company aims to increase its funds under management. They will be across business parks, data centres, logistics and industrial parks, demonstrating CLI’s confidence in Maharashtra’s emergence as a hub for innovation, services, digital infrastructure, manufacturing and logistics, the company said in a statement.

“India is a core market for CLI, and Maharashtra, with its strong economic fundamentals and well-developed IT and industrial ecosystem, presents significant opportunities for us to grow our footprint. The state has been a steadfast partner in our growth journey over the past decade, and we value the strong support and collaboration,” Sanjeev Dasgupta, CEO, CLI India, said.