Urban planning and development company Ascendas-Singbridge Group has partnered Indian industrial real estate specialist Firstspace Realty to develop logistics and industrial facilities across major warehousing and manufacturing hubs in India.

The Ascendas-Firstspace joint venture will invest in projects aimed at the development of logistics and factory spaces in Mumbai, the National Capital Region which includes Delhi and surrounding areas, Pune, Chennai, Bangalore and Ahmedabad, as well as other warehousing and manufacturing hubs in India.

Over the next five to six years, the target is to develop close to 15 million sq ft of space, which will be managed by Ascendas-Firstspace.

Mr Miguel Ko, Ascendas-Singbridge group chief executive, said: "We have been in India for over two decades, developing iconic business and IT Parks. Entering the industrial and logistics sector is a natural progression. We have assembled an entrepreneurial team to lead the way who will be supported by our experienced India and global operations."

Mr Aloke Bhuniya, chief executive of Ascendas-Firstspace, said: "Opportunities in the industrial and logistics infrastructure space are expected to increase exponentially due to structural changes in the market place, growth of consumption and increase in the share of manufacturing in India's gross domestic product.

"The sector, which is still evolving, will see consolidation and improvements in quality, transparency and corporate governance due to flows of institutional capital into the sector."

Marissa Lee