Lines, Ltd. (MOL) President and CEO Takeshi Hashimoto announced today that Daibiru Corporation (Daibiru), President and CEO Takashi Maruyama of MOL Group company Daibiru, will invest approximately US$123.5 million in the Atrium Place Project, an office building development project near Delhi, in collaboration with Hines, a global real estate investment, development, management and operation company, through Daibiru Hines Trust, a company established in International Finance Tec-City (GIFT City) in Gujarat.
The project, Daibiru's first in India, will involve the construction of four A+ grade office buildings with approximately 3 million square feet of lettable floor area and parking on 11.76 acres of land in the Gurugram Central Business District (CBD) near Delhi. Construction is currently progressing smoothly towards completion in 2025.
In its medium-term management plan “BLUE ACTION 2035,” which began in March 2023, the MOL Group is working to diversify its business portfolio by increasing the weight of non-shipping businesses that generate stable profits to compensate for the unstable shipping market. The Group is also promoting a regional strategy to promote overseas investment, such as by leveraging its overseas network to develop business in emerging countries where economic growth is expected. India is an important pillar of the MOL Group's strategy, and this investment follows recent large-scale investments, such as building a fast-growing shipping business through MOL India.
Daibiru has a track record of over 100 years in the office building business in Japan, and is also involved in overseas building development projects in Vietnam and Australia. Daibiru will continue to collaborate with MOL's regional organizations, which are expanding their business globally, to actively engage in overseas real estate business. This investment took advantage of a new investment platform established by the Indian government through GIFT City, which offers preferential treatment in terms of regulations, taxation, etc.