The Hindu Business Line : Ascendas buys Tata's stake in ITPL

BANGALORE: The Singapore-based Ascendas Pte Ltd has acquired Tata Group's 47 per cent stake in the International Technology Park Ltd, Bangalore, for an undisclosed sum.

The acquisition in the joint venture firm, Information Technology Park Ltd, was effected on Tuesday, said an ITPL press release.

However, the other shareholder ,Karnataka Industrial Areas Development Board, continues to hold its stake of about six per cent in ITPL, the release said.

The acquisition of Tata's stake in ITPL marks a significant step in Ascendas' strategy to build up a portfolio of business space in India following the recent acquisition of Vanenburg IT park in Hyderabad. It also makes Ascendas the largest foreign IT park player in India, the release said.

Mr K.A. Chaukar, Managing Director, Tata Industries, said the divestment of Tata's stake was in line with the group's strategy to exit non-core areas of interest.

However, the Tata Group will continue its business relationship with ITPL as hitherto, he said.

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