India’s First Net Zero Certified Business Park Becomes Operational In Chennai

Chennai, Nov 2 (KNN) Capita Land Investment Limited (CLI) has initiated operations for Phase 1 of International Tech Park Chennai, Radial Road. It is the first business park in India to be certified by the Indian Green Building Council (IGBC) as Net Zero for energy efficiency, water conservation, and waste management.

Located along Chennai’s newest and fastest growing IT corridor, the 5 million square feet (sq ft) business park will offer four Grade A office blocks with the capacity to house over 50,000 IT service professionals upon completion.  

In Phase 1, the 1.3 million sq ft office block has already signed a lease commitment with Vestas Wind Technology India for about 250,000 sq ft of office space and continues to attract active tenant interest.  The development of Phase 2 is currently underway and set to begin operations by 2Q 2024. 

The launch of ITPC-Radial Road was graced by the Chief Minister of Tamil Nadu, Thiru. M.K. Stalin, Dr T.R.B. Rajaa, Minister for Industries, Investment Promotion & Commerce, Government of Tamil Nadu,T.M. Anbarsan, Minister for Micro, Small and Medium Enterprises (MSME).

Dr T.R.B. Rajaa, Minister for Industries, Investment Promotion & Commerce, Government of Tamil Nadu said, “CapitaLand, formerly Ascendas, has been Tamil Nadu’s trusted partner for two decades, powering our knowledge economy and providing the infrastructure for several IT and ITES companies. We congratulate them on their latest project in Chennai, International Tech Park, Radial Road.  We are immensely happy to see our relationship with CapitaLand continue, reaffirming their faith in Tamil Nadu as a globally preferred IT destination.”

Sanjeev Dasgupta, CEO, CLI India said, “CLI 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 for CLI where we have the most diversified portfolio of assets.  This is a testament to the state's business-friendly environment and highly skilled workers." 

Phase 1 and Phase 2 of ITPC-Radial Road, which comprises 2.6 million sq ft of office space, is being developed by CLI under the newly launched CapitaLand India Growth Fund 2 (CIGF2), with a target fund size of USD 525 million to invest in Grade A business parks in prime locations across gateway cities in India.  

In August 2023, CLI secured USD 262.5 million (INR 16.3 billion) from Mitsubishi Estate Co. Ltd for a 50% stake in the fund’s first closing.  

CIGF2 has since acquired a 70% equity stake in ITPC-Radial Road as a seed asset from CLI for USD 95 million (INR 5.9 billion) and the remaining 30% stake is held by CLI. CLI continues to manage ITPC-Radial Road after its divestment. 

(KNN Bureau)