Tuesday, April 12 2005 17:44 Hrs (IST) - World Time -

Bangalore: The Tata group today (Apr 12, 2005) sold its 47 per cent stake in Bangalore's International Technology Park to Singapore real estate firm Ascendas Pte Ltd.

Ascendas is part of a consortium of Singapore companies which holds 47 per cent stake in ITPL in a joint venture with the Tata group (47 per cent) and Karnataka Industrial Areas Development Board (six per cent).

"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 Venenburg IT park in Hyderabad," a joint statement by Tatas and Ascendas said in Bangalore today.

The statement did not reveal the cost of the acquisition.

"Whilst the divestment of our stake is in line with the (Tata) group's strategy to exit non-core areas of interest, the Tata group will continue its business relations with ITPL," Tata Industries Ltd managing director K A Chaukar said.

ITPL, a land mark in India's IT hub, is home for over 100 software and new economy firms located in five multi-tenanted buildings in a 69-acre land on the city outskirts.

Ascendas president and CEO Chong Siak Ching said the acquisition reflects the importance that Ascendas places on the ITPL and the importance of Bangalore as an investment location in India for us.

She said Ascendas is setting up an office in the city.

ITPL was mooted in 1992 by former Prime Minister P V Narasimha Rao and Singapore Prime Minister Goh Chok Tong to replicate Singapore's quality infrastructure in India, it said.