Ascendas, Mizuho and JCG signs MOU to facilitate entry of Japanese companies into India

Ascendas to build stronger partnerships with Asian key players China, India and Vietnam, through experience sharing.

A memorandum of understanding (MOU) has been signed between Asia’s leading business space provider, Ascendas, and a Japan Consortium formed by top corporate finance provider, Mizuho Corporate Bank, and program management contractor & investment partner, JGC Corporation, to jointly explore opportunities for business partnership and collaboration in a large scale project to develop a world-class integrated township in Chennai, India, with eco-friendly infrastructure for industrial, business, commercial, residential, and lifestyle amenities with Ascendas as the Master Developer, according to an Ascendas report.

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

The partnership will also conduct feasibility studies and explore opportunities for financial participation and investment by 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, the partnership will facilitate mutual consultation and explore opportunities for participation by Japan infrastructure players in areas such as master-planning, professional consultancy, development of infrastructure, and building of essential facilities in the integrated township.

Ms Chong Siak Ching, Ascendas’ Group President and CEO, said, “Since its inception, Ascendas has been leading the entry into new markets like India and China. We aim to build stronger partnerships with key players in Asia through sharing our experience and expertise in these markets. We are privileged to be in this partnership and working with some of Japan’s key corporate leaders such as Mizuho and JGC. For the purpose of this special partnership, we have identified Chennai for the development of a world class and eco-friendly integrated township with high quality 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 high quality workforce.

The partnership between Ascendas and the Japan Consortium to develop a world class integrated township in Chennai is expected to be a win-win outcome for all involved, and will stand to become an important market entry platform for many Japanese companies looking to take advantage of a well-planned integrated township with high quality infrastructure, complimented with the conducive pro-business environment of Chennai.