Ascendas and Japanese consortium to develop township in Chennai

Ascendas, the Singapore-based provider of business space, will partner a Japanese consortium led by Mizuho Corporate Bank and JGC Corporation, to develop a world-class integrated township in Chennai, India.

Ascendas said it has signed a memorandum of understanding (MOU) with the Japanese consortium for the project.

The project will feature eco-friendly infrastructure for industrial, business, commercial, residential, and lifestyle amenities with Ascendas as the master developer.

According to the agreement, Ascendas and the Japanese consortium will collaborate in the areas of project financing, infrastructure technologies and industrial-park development.

The partnership will also involve feasibility studies for possible financial investment by the Japanese consortium.

Many Japanese companies already have operations in Chennai and more companies have shown a strong interest to locate there, said Ascendas.

Source : Channel NewsAsia – 17 Nov 2010