Business Daily from THE HINDU group of publications
Wednesday, Jul 02, 2008
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Business Daily from THE HINDU group of publications Wednesday, Jul 02, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate
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Outlook Industry & Economy - Infrastructure Ascendas scouts for more investment opportunities
The V: The Andhra Pradesh Minister in-charge for Singapore and Major Industries, Ms Geeta Reddy, with Singapore’s acting Minister for Manpower, Mr Gan Kim Yong, and the Chief Executive Officer, Ascendas Private Ltd, Ms Chong Siak Ching, at the inauguration of ’The V’ - Vega IT park of Ascendas in Hyderabad on Tuesday. Our Bureau Hyderabad, July 1 Singapore Government-promoted infrastructure development firm Ascendas is scouting for more opportunities for infrastructure while looking at possibilities to invest through its fund. Mr Pang Yee Ean, Senior Vice-President, Ascendas India, said the company, which is in the process of implementing four special economic zones in the country, is exploring potential to invest in some India companies, while also looking at working in some new areas including logistics. Speaking to reporters on the sidelines of launch of the fifth unit of ‘The V’ here on Tuesday, he said the four special economic zones are coming up at Gurgaon, Coimbatore, Nagpur and Pune. Earlier, the President and Chief Executive Officer of Ascendas Pte Ltd, Singapore, Ms Chong Siak Ching, said Ascendas manages close to 1.8 million sq ft of premium IT space in the city, with total assets of about Rs 600 crore. “They are part of the key portfolio of IT parks under the a-iTrust which successfully listed in Singapore in August 2007. Ascendas is present in six cities across India and we are actively exploring opportunities to increase our presence,” she said. Speaking at the inauguration of the fifth and the last structure ‘Vega’ in The V here, Ms Ching said Vega joins its siblings Auriga, Mariner, Capella and Orion, all named after constellations used in navigation. It may be recalled Ascendas purchased the Hyderabad facility from the Dutch Vanenberg Group and later renamed it as The V. Thereafter, it invested in new facilities. Most of the property has already been booked and over 10,000 IT professionals work here. The Singapore Acting Minster for Manpower, Mr Gan Kim Yong, said many Singapore companies have or are looking to invest in infrastructure and real estate projects in India, while others are venturing into the logistics and communication sectors. Some have also expressed interest to penetrate the healthcare, education and training, retail and automotive sectors in the country. The State Major Industries Minister, Ms J. Geetha Reddy, said Andhra Pradesh has emerged as an attractive investment destination. With the State securing clearance for 36 IT SEZs, there is immense scope for infrastructure companies. More Stories on : Outlook | Infrastructure
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