Ascendas, Mizuho, JGC in pact for townships

A memorandum of understanding (MoU) has been signed between Singapore-based business space provider Ascendas and a Japanese consortium of corporate finance provider Mizuho Corporate Bank and programme management contractor and investment partner JGC Corporation, to jointly explore opportunities for business partnerships and collaboration on a large scale project to develop an integrated township in India. The township is set to an have eco-friendly infrastructure for industrial, business, commercial, residential, and lifestyle amenities with Ascendas as the master developer.

Under the MoU, Ascendas and the Japanese consortium will share knowledge and experience in the areas of project financing, infrastructure technologies and industrial park development for the integrated township project likely to be located in Chennai where many Japanese companies have already set up operations and more have shown a strong interest to be there.

 

The partnership will also conduct feasibility studies and explore opportunities for financial participation and investment by the Japanese consortium in the integrated township project including equity investment, debt financing and other supporting financial services for Japanese companies locating to the township. In addition to this, the partnership will facilitate mutual consultation and explore opportunities for participation by Japan infrastructure players in areas like master-planning, professional consultancy, development of infrastructure and building of essential facilities in the integrated township.

Chong Siak Ching, Ascendas’ Group President and CEO, said, “Since its inception, Ascendas has been tapping markets like India and China. We aim to build stronger partnerships with key players in Asia through sharing our experience in these markets. We are privileged to be in this partnership and are working with some of Japan’s key corporate players like Mizuho and JGC. For the purpose of this special partnership we have identified Chennai as the most likely city for the development of an integrated township with infrastructure and facilities to cater to the growing demands of Japanese companies expanding into India through Chennai.”

Over the years, Ascendas has established deep working relationships with many Japanese companies looking to expand into Asia’s developing economies like China, India and Vietnam. 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 the high quality workforce.

The partnership between Ascendas and the Japanese consortium to develop an integrated township is expected to be a market entry platform for many Japanese companies looking to take advantage of an integrated township