Ascendas to Spend $375 Million in India Property

An India fund run by Singapore-based industrial property
developer Ascendas said on Wednesday it would invest about $375 million
to develop an economic zone and residential and commercial space.

The investment would be in a joint venture near India’s
capital, New Delhi. Dr Fresh, a company owned by Dr. Fresh Inc of the
United States and the founders of India’s Dabur Group would be partner
Ascendas in the project, in which the Singaporean firm would hold 51
percent, Ascendas said in a statement.

When completed, the special economic zone will have
more than 4.27 million square feet of space for information technology
firms, and 2.6 million square feet for residential and commercial projects,
Ascendas said.

Photo: Civil Station complex at Kalpetta Dec 2013 by Rineeshrv, licensed under CC BY-SA 3.0, via Wikimedia Commons.