Ascendas-led JV to develop Indian township‎

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Ascendas, Asia's leading business space provider, and a Japanese consortium comprising Mizuho Corporate Bank and JGC Corporation have inked a Memorandum of Understanding (MOU) with the government of Tamil Nadu to develop a world-class integrated township in Chennai, India.

Tamil Nadu is one of India’s leading industrial states and the fourth largest contributor to the country’s GDP. Through the MOU, its government expressed its approval and intention to facilitate the collaboration between Ascendas with local government agencies and its partners in the implementation of the township project.

The project will be undertaken by a joint venture (JV) between Ascendas India Development Trust (AIDT), the private property development fund led by Ascendas, and IREO, one of India’s leading real estate developers, together with the Japanese consortium. Situated 50 km south of Chennai city, the 1,500 acre development will integrate business, commercial, industrial and residential elements with lifestyle amenities.

The township will offer eco-friendly infrastructure for the growth of Japanese and international businesses, as well as support a community of over 40,000.

“The signing of the MOU today is a significant step towards the development of this world-class township,” said Chong Siak Ching, Group President and CEO at Ascendas.

“We are happy to have the support of the government of Tamil Nadu and to work with Japan's leading companies Mizuho and JGC on this project. Ascendas has established a strong track record in India and we look forward to deepening our presence and commitment here.”

 
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