Ascendas ropes in 2 Japanese cos for Chennai township project

Under the MoU, the parties will share their knowledge and experience in the areas of project financing, infrastructure technologies and industrial park development for the township in Chennai, where many Japanese companies have already set up a base of operations and more have shown strong interest.

The partners would also conduct feasibility studies and explore opportunities for financial participation and investment in the integrated township project, including equity investment, debt financing and other supporting financial services for Japanese companies setting up within the township, Ascendas said in a statement.

In addition, the partnership would facilitate mutual consultation and exploration of opportunities for participation by Japanese infrastructure players in areas such as master-planning, professional consultancy, development of infrastructure and building of essential facilities in the integrated township, covering an area of 405-607 hectares.
Ascendas Group President and CEO Chong Siak Ching said the eco-friendly township at Chennai was identified for the partnership, adding that high quality infrastructure and facilities  would be built to cater to the growing demand of Japanese companies expanding into India through Chennai.

Over the years, Ascendas has established a deep working relationship with many Japanese companies looking to expand into developing Asian economies like China, India and Vietnam, she said.

"In particular, India has become a major investment destination for many Japanese companies looking to take advantage of its huge domestic market, low costs of production and high quality workforce," noted Chong.

Chennai would become an important market entry platform for many Japanese companies looking to take advantage of a well-planned integrated township with high quality infrastructure complemented by the conducive pro-business environment of Chennai, she said.

The MoU was signed in Tokyo yesterday in the wake of a joint seminar between Singapore and Japanese companies earlier this week on the potential of the Indian market.