Swiss-based Foster Wheeler to set up shop in Chennai
Switzerland-headquartered Foster Wheeler has signed a lease agreement with Ascendas to take up one lakh square feet of office space at Ascendas IT Park in Taramani.
The global engineering & construction contractor and power equipment supplier will set up a support centre at Taramani, said multiple sources familiar with the development. Foster Wheeler has clients in sectors ranging from mining and refining to power and pharmaceuticals.
Despite the perceived slowdown in the economy, Chennai is witnessing a 25% year-on-year increase in absorption of commercial space. The lease rentals are also showing signs of improvement.
For the year 2011 (so far), the city has seen an office space absorption of 4 million square feet. Industry watchers partially attribute this spurt in realty action in Chennai to the Telangana protests in neighbouring Hyderabad.
