The Hindu : Business : Ascendas buys Tatas' stake in ITPB

Online edition of India's National Newspaper
Wednesday, Apr 13, 2005

Business

Business

Ascendas buys Tatas' stake in ITPB

By Our Special Correspondent

BANGALORE, APRIL 12. Asia's leading business space provider, Ascendas Pte. Ltd., has acquired the shareholding of the Tata Group in the International Tech Park, Bangalore (ITPB). The acquisition of Tatas' 47 per cent stake in the Park joint-venture company, Information Technology Park Ltd. (ITPL), was effected today.

The other shareholder, KIADB, continues to hold a stake in ITPL.

The Singapore-based Ascendas' expanded shareholding marks a significant step in its business strategy to build up a portfolio of business space in India, following its recent acquisition of Vanenburg IT Park in Hyderabad. It also makes Ascendas the largest foreign IT park player in India.

The President and Chief Executive Officer of Ascendas, Chong Siak Ching, said "Under the strong leadership provided by then-EDB (Economic Development Board of Singapore), the 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."

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