Ascendas to double office space in India

CHENNAI: Ascendas, Asia’s largest business space provider, plans to develop five million sq ft of office space in the next three years, doubling its presence in the country as it sees growing demand from IT and ITeS sectors.

Ascendas president and CEO Chong Siak Ching told reporters on Tuesday that she was bullish about the demand for IT space in India on the back of strong economic growth, and increasing investment into the sector.

The Singapore-based company’s expansion would be funded from Ascendas India Development Fund which has a committed equity of S$500 million, which could be used as a base to leverage to raise more money, she said. IT and BPO sectors employ over 1.6 million people in India.