Lifestyle

Mahindra Lifespaces to develop industrial clusters at Chennai, Ahmedabad

[ecis2016.org] Mahindra Lifespace Developers has said that it will develop industrial clusters under the brand ‘Origins by Mahindra World City’, to address the growing need for industrial infrastructure

Mahindra Lifespace Developers, the realty arm of the diversified Mahindra Group, on November 7, 2017, announced that the company has planned to develop two industrial clusters, with one each in Chennai and Ahmedabad and with an investment of around Rs 600 crores for this. “With India expected to emerge among the top five manufacturing countries globally, sustainable and future-ready business ecosystems will act as a game-changer for inclusive growth, job creation and productivity enhancement,” Mahindra Lifespace Developers’ chairman, Arun Nanda said.

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The first project will come up in north Chennai, with a Phase 1 development of 264 acres, under a joint venture between Mahindra World City Developers Limited and Sumitomo Corporation of Japan. The second project will be located near Ahmedabad, with a Phase 1 development of 268 acres and will be developed along with International Finance Corporation (IFC) as a strategic partner. Together, these industrial clusters are expected to create direct employment for around 20,000 persons and will target companies across the engineering, medical equipment, food processing and logistics sectors, amongst others.

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Commenting on the initiative, the company’s managing director Anita Arjuna, said, “Origins by Mahindra World City is born out of our vision to develop a pan-India network of robust manufacturing ecosystems, where businesses can thrive. These industrial clusters will support the shift towards development beyond current urban centres, while making available a holistic environment conducive to accelerated business growth.”

Talking about the investments the company expects to attract in these clusters, the company’s CEO for integrated cities and industrial clusters, Sangeeta Prasad, said, “We are expecting around Rs 3,000-4,000 crores worth of investment from both, domestic and international firms, who will be setting up their facilities here.” She further said the company has received all approvals for the Chennai industrial cluster and will soon commence the work.

Source: https://ecis2016.org/.
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Source: https://ecis2016.org
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