GE TO INVEST $US63MLN IN INDIA IT PARKS FUND

MUMBAI, July 21 Asia Pulse - GE Commercial Finance will invest US$63 million in the Indian IT Parks Fund, sponsored by Ascendas Pte Ltd, a leading business space provider and real estate fund managment company, which will own and invest in technology parks that support infotech and IT-enabled services.
Ascendas would contribute two of the premier IT parks in India into the fund, International Tech Park, Bangalore and Vanenburg IT park in Hyderabad, GE said in a statement here today.
"Our investment with Ascendas underscores GE's commitment to grow our presence in the Indian commercial real interest market", GE India President and Chief Executive Scot Bayman said.
The fund plans to acquire and develop assets worth US$500 million over the next seven years.
GE Commercial Finance Real Estate Asia Pacific would now have aggregate real estate investments of more than US $4 billion with operations in Japan, Korea, New Zealand and India, it said.
(PTI) 21-07 1021