Singapore’s CapitaLand Investment Limited ( CLI ) has signed a memorandum of understanding with the government of the Indian state of Maharashtra, pledging more than S$2.83 billion ( US$2.20 billion ) in investments by 2030.

The agreement marks a ramp-up in CLI’s India growth strategy, with the funds earmarked for business parks, data centres, logistics, and industrial assets across Mumbai and Pune.

The Maharashtra investment is integral to CLI’s goal of nearly doubling its India assets under management from S$8 billion to S$15 billion by 2028, leveraging India’s digitalization and infrastructure momentum.

The announcement coincided with the inauguration of CLI’s first Indian data centre, located in Navi Mumbai, a 54-megawatt facility that is already fully leased. A second tower on the site is under early development.

“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,” says CLI Indian chief executive officer Sanjeev Dasgupta. “We will continue to scale our investments in Maharashtra through our listed trust, CLINT; our private funds; and the Ascendas‑Firstspace platform.  

Currently, CLI operates five business parks in the state, offering 9.7 million square feet of space, with plans to add another 4.5 million square feet. Its data centre network spans Mumbai, Bangalore, Chennai, and Hyderabad, with a combined capacity of 244MW.

CLI’s presence in Maharashtra commenced in 2013 with the launch of International Tech Park Pune, Hinjawadi, developed in partnership with the Maharashtra Industrial Development Corporation.

Since then, it has invested in the region of US$810 million across 10 assets. The latest pledge triples its exposure and reinforces Maharashtra’s role as a key growth node in CLI’s South Asia playbook.