Excellencies

 

Shri Devendra Fadnavis, Chief Minister of Maharashtra

 

Mr Manohar Khiatani, Senior Executive Director of CapitaLand Investment

 

Mr Sanjeev Dasgupta, CEO of CapitaLand Investment India

 

Distinguished Guests,

Ladies and Gentlemen

 

1. Good afternoon. I am pleased to be here today to commemorate the successful completion of CapitaLand's Data Centre in Navi Mumbai.

 

2. This data centre is one of four greenfield projects that CapitaLand is developing across India's key digital hubs – Mumbai, Chennai, Hyderabad, and Bangalore.

 

3. Together, these DC investments will add a combined capacity of 244 megawatts, and strengthen the backbone of India’s digital economy.

 

a. With over 800 million internet users and a rapidly growing digital ecosystem – including cloud services, AI applications, digital payments, and a thriving tech startup ecosystem – the demand for DCs in India is expected to grow exponentially in the coming years.

 

i. A recent projection by Colliers forecasts that India’s DC capacity will grow from about 1.2 GW currently to about 4.5 GW by 2030.

 

b. These DCs are critical to support the growth of India's digital economy.

 

i. In particular, CapitaLand’s facility in Navi Mumbai will reinforce its positioning as a key digital gateway for India, given its proximity to one of India’s largest urban and commercial hubs.

 

4. This DC is part of a diverse portfolio of CapitaLand’s investments in India.

 

a. I am glad to note that CapitaLand has signed a MoU with the Government of Maharashtra, that will pave the way for its investments into various projects including business parks and logistics and industrial parks.

 

b. This will see CapitaLand inject a projected US$2.2 billion in Maharashtra over the next five years.

 

5. These investments reflect the broad-based and multi-faceted economic relationship between Singapore and India.

 

a. Singapore is currently India’s largest investor, and accounts for about one-quarter of India’s FDI inflows since 2000.

 

b. Today, there are many Singapore companies in India in sectors such as manufacturing, sustainability, healthcare and biomedical sciences, as well as tech and innovation.

 

c. India is expected to be one of the fastest growing economies in the world in the coming years, with its GDP expected to double to US$7 trillion by 2030.

 

d. This will create more growth opportunities for businesses, including Singapore companies in India.

 

i. For example, as part of the Digitalisation pillar of the India-Singapore Ministerial Roundtable, we are exploring digital partnerships between Singapore and Indian Companies, as well as startups in areas such as digital infrastructure, innovation, and emerging technologies.

 

e. These partnerships will also deepen and broaden the strong bilateral economic ties between Singapore and India.

 

6. Once again, let me congratulate CapitaLand on the inauguration of this new data centre. This new facility will provide additional capacity to empower businesses, start-ups and entrepreneurs to explore new opportunities in the digital age, and contribute to the growth of India’s digital economy.

 

7. Thank you.