Asia's leading business space provider Ascendas Pte Ltd has deepened its commitment to India by taking over the shareholding of the Tata Group in the International Tech Park, Bangalore (ITPB). The acquisition of Tata's 47% stake in the Park joint-venture company, Information Technology Park Limited (ITPL), was effected today.
Ascendas has been actively involved in the Park since its inception, as the lead partner in the Singapore consortium that owns 47% of the ITPL partnership with Tata and Karnataka Industrial Areas Development Board (KIADB). The other shareholder, KIADB, continues to hold a stake in ITPL.
Ascendas' expanded shareholding marks a significant step in its business strategy to build up a portfolio of business space in India, following its recent acquisition of Vanenburg IT Park in Hyderabad. It also makes Ascendas the largest foreign IT park player in India.
ITPB was mooted in 1992 by the Prime Ministers of India and Singapore, then Mr P.V. Narasimha Rao and Mr Goh Chok Tong, to replicate Singapore's quality infrastructure in India. A consortium of Singapore companies then joined forces with the Tata Group to take on the project.
Ms Chong Siak Ching, President & CEO of Ascendas, said: "Under the strong leadership provided by then-EDB (Economic Development Board of Singapore) chairman Philip Yeo and Tata Group Chairman, Ratan Tata, the Park was able to get off the ground. We owe much to them for the Park becoming the internationally-reputed icon that it is today."
She said: "We are very fortunate and thankful to have had the Tata Group as our partner all these years. They have stayed their commitment and fully supported the development of the Park. Together, we were able to overcome the challenges that any new and pioneering project would face in the initial years. That would not have been possible without the resources and determination of the Tata Group to ensure the success of this industry pacesetter.
"The acquisition reflects the importance that Ascendas places on the International Tech Park, Bangalore and the importance of Bangalore as an investment location in India for Ascendas." Towards this end, Ms Chong added that Ascendas is establishing a full office in Bangalore.
Mr Goh Kok Huat, Chief Operating Officer of Ascendas Pte Ltd and concurrently the CEO of Ascendas India, said: "It is business as usual. Ascendas will continue to deliver the same high standards of management that it has been providing consistently since Day One in 1994, when the Park welcomed its first group of tenants, many of whom, such as Infineon and Tata Consultancy Services, are still with us today. ITPB will embody the best of our practices in real estate across Asia."
Mr K. A. Chaukar, Managing Director, Tata Industries Ltd, said: "We are happy to say that we have partnered in the creation of a pioneering and world-class facility. The International Tech Park, Bangalore has catalysed the creation of a vibrant IT industry in Bangalore and put India securely on the world IT map.
"Whilst the divestment of our stake is in line with the Group's strategy to exit non-core areas of interest, the Tata Group will continue its business relationships with ITPB as hitherto. We have had an excellent and fruitful eleven-year-long relationship with Ascendas and wish them the best as they increase their ownership," Mr Chaukar added.
