Tuesday, April 12, 2005

Tata exits ITPL

India Infoline

Ascendas Pte Ltd on Tuesday said that it has acquired the Tata Group's stake in the International Tech Park, Bangalore (ITPB).

Ascendas has been actively involved in the Park since its inception, as the lead partner in the Singapore consortium that owns 47% of the ITPL partnership with Tata and Karnataka Industrial Areas Development Board (KIADB). The other shareholder, KIADB, continues to hold a stake in ITPL.

ITPB was mooted in 1992 by the then Prime Ministers of India and Singapore, P.V. Narasimha Rao and Goh Chok Tong, to replicate Singapore's quality infrastructure in India. A consortium of Singapore companies then joined forces with the Tata Group to take on the project.

Chong Siak Ching, President & CEO of Ascendas, said, "Under the strong leadership provided by then Economic Development Board of Singapore chairman Philip Yeo and Tata Group Chairman, Ratan Tata, the Park was able to get off the ground. We owe much to them for the Park becoming the internationally-reputed icon that it is today."

Goh Kok Huat, COO, Ascendas Pte Ltd and CEO, Ascendas India, said, "It is business as usual. Ascendas will continue to deliver the same high standards of management that it has been providing consistently since Day One in 1994, when the Park welcomed its first group of tenants, many of whom, such as Infineon and Tata Consultancy Services, are still with us today. ITPB will embody the best of our practices in real estate across Asia."

K A. Chaukar, MD, Tata Industries Ltd, said, "We are happy to say that we have partnered in the creation of a pioneering and world-class facility. The International Tech Park, Bangalore has catalysed the creation of a vibrant IT industry in Bangalore and put India securely on the world IT map."

"Whilst the divestment of our stake is in line with the Group's strategy to exit non-core areas of interest, the Tata Group will continue its business relationships with ITPB as hitherto. We have had an excellent and fruitful eleven-year-long relationship with Ascendas and wish them the best as they increase their ownership," he added.

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