Global real asset manager CapitaLand Investment Limited (CLI) on Wednesday announced to more than double its funds under management (FUM) in its core market India to $14.8 billion Singapore dollars (Rs 90,280 crore) by 2028 -- up from the current 7.4 billion Singapore dollars – as Prime Minister Narendra Modi began his two-day official visit to Singapore.

The announcement will contribute to CLI’s global target of achieving $200 billion Singapore dollars in FUM by 2028, the company said in a statement.

Singapore's High Commissioner to India, Simon Wong, posted on X that it is "good to see Singapore companies doubling down on investments in India".

CLI entered India 30 years ago with the development of its first IT park called the International Tech Park Bangalore (ITPB). Its footprint has since expanded to 14 business and IT parks, offering 23.5 million square feet of space strategically located across Bengaluru, Chennai, Hyderabad, Pune, Mumbai and Gurugram, with more than 250,000 professionals working from these parks.

"India has been one of our fastest growing markets, where our investments have tripled in the last seven years. With India’s GDP forecasted to grow 7 per cent in 2024 and its trajectory to be the world’s third-largest economy in the next five years, the country is attracting demand from global corporations and institutional investors for quality real assets," said Lee Chee Koon, Group Chief Executive Officer, CLI.

As a long-term investor in India, "we not only invest in the assets but also contribute significantly to the economic development of the country", he added.

With a current land bank of over 16 million square feet, CLI will accelerate development activities to address the increasing demand for premium office spaces across key metropolitan cities.

CLINT, the largest India-focused property trust listed in Singapore, will continue to develop and execute forward purchase acquisitions, securing prime assets to ensure a robust pipeline for sustained growth.

The real asset major will also seek joint development and joint venture opportunities with capital partners, along with commercial management partnerships, to expand in India.

"We will leverage our operational expertise to grow the value of our assets, further expand our logistics footprint under our established logistics platform, Ascendas-Firstspace (AFS) and scale up our lodging portfolio through CLI’s lodging arm, The Ascott Limited," said Sanjeev Dasgupta, CEO, CLI India.