[ecis2016.org] World Bank arm International Finance Corporation, has agreed to extend USD 50 million to Mahindra Lifespaces, to develop multiple industrial parks across India
Mahindra Lifespace Developers Ltd, the real estate and infrastructure development arm of the Mahindra Group and International Finance Corporation (IFC), a member of the World Bank Group, on September 18, 2017, announced a partnership for the development of multiple industrial parks across Gujarat, Rajasthan and Maharashtra. The partnership involves an investment commitment of USD 50 million by IFC.
You are reading: Mahindra Lifespaces bags investment commitment worth USD 50 million, for industrial parks
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The partnership envisages investment across Mahindra Lifespaces’ existing and upcoming industrial park projects, with its first investment in an approximately 350-acre industrial park near Ahmedabad. The proposed industrial parks will be located in areas that have significant potential for large-scale industrial infrastructure creation, a Mahindra Group release said. These industrial parks will offer plug-and-play ecosystems encompassing world-class infrastructure and utilities, to enable faster go-to-market for large businesses, while also making available critical manufacturing infrastructure for small and medium businesses. Moreover, each development will focus on inclusive growth for local communities via multiple initiatives such as vocational skill training, self-help groups for women, etc., the release added.
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“Industrial parks or special economic zones, are globally recognised as engines for economic growth and development. Development of these parks will attract private investments and provide a fillip to several flagship initiatives of the government of India and create jobs,” said Jun Zhang, IFC country head for India. Sangeeta Prasad, CEO, integrated cities and industrial clusters, Mahindra Lifespace Developers Ltd, added, “Our endeavour has always been to provide a customer effective ecosystem for businesses and individuals to thrive. We are delighted to partner with IFC, for strengthening the growth of our integrated cities and industrial clusters business.”
Anita Arjundas, managing director, Mahindra Lifespace Developers Ltd, pointed out that “Sustainable industrial ecosystems were key enablers for attracting investment in manufacturing and fast-tracking infrastructure-led development.” In line with this, IFC will explore working with Mahindra Lifespaces and with the occupants of these industrial parks, for the adoption of renewable energy under its ‘Eco-Assist’ program, the release said.
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