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Singapore firm CapitaLand's big investment in India announcement ahead of PM Narendra Modi's visit
Singapore's CapitaLand Investment said it aims to more than double its funds under management in India by 2028 from $5.66 billion as of June 30.
Singapore's CapitaLand Investment said on Wednesday it aims to more than double its funds under management in India by 2028 from S$7.4 billion ($5.66 billion) as of June 30. The announcement comes hours before Prime Minister Narendra Modi's visit to the Southeast Asian country on Wednesday.
This will contribute to the company's global target of achieving S$200 billion in FUM by 2028, the real estate investment manager said.
"The country is attracting demand from global corporations and institutional investors for quality real assets," Group CEO Lee Chee Koon said.
Koon added that CapitaLand would explore opportunities to enter the renewable energy and real estate private credit segments in the country.
Last month, CapitaLand launched a fund for business park development in India, which expected to add S$700 million to its funds under management.
PM Narendra Modi arrives in Singapore
On Wednesday, he arrived in Singapore for a two-day visit aimed at boosting India-Singapore friendship, deepening ‘strategic partnership’ and attracting investment from the Southeast Asian country.
During his visit at the invitation of his Singaporean counterpart Lawrence Wong, the prime minister will connect with three generations of Singapore’s leadership, officials in New Delhi said.
“Landed in Singapore. Looking forward to the various meetings aimed at boosting the India-Singapore friendship. India’s reforms and the talent of our Yuva Shakti makes our nation an ideal investment destination. We also look forward to closer cultural ties,” Modi posted on X soon after his arrival for his fifth official trip to Singapore.
Modi flew to Singapore after wrapping his visit to Brunei, the first bilateral visit there by an Indian prime minister.
“PM @narendramodi lands in the Lion city, Singapore today. Warmly received by Minister of Home Affairs and Law K Shanmugam of Singapore. An action packed agenda lies ahead,” Ministry of External Affair said in a post on X.
The prime minister will receive an official welcome at the Parliament House on Thursday and call on President Tharman Shanmugaratnam.
This visit comes days after Wong took over and Modi began his third term as prime minister.
Modi, who last visited Singapore in 2018, is accompanied by minister of external affairs S Jaishankar, national security advisor Ajit Doval and other government officials.
