Mahindra Lifespace forays into industrial clusters
Mahindra Lifespace Developers ltd. (MLDL), the real estate and infrastructure development company of the Mahindra Group, has forayed into industrial clusters with two projects in north Chennai and Ahmedabad under the brand name Origins. The projects will provide land and infrastructure to industrial units to start production in nine to 12 months. Land acquisition The company, which runs two Mahindra World Cities in Chennai and Jaipur in (public-private partnership) PPP model, had acquired land from private parties to set up these industrial clusters which are expected to create jobs for youth. The first project is coming up in north Chennai on NH-16 in the Gumidipoondi region on the Chennai-Kolkata highway.
This will be a 60:40 joint venture between Mahindra World City and Sumitomo Corporation of Japan. In the first phase 264 acres is being developed and this can expand to 500 acres in due course, said company officials.Japanese hi-tech companies supplying components to local industry and those keen to set up export hubs are expected to operate from this cluster which is already in development stage. The second project located near Ahmedabad on NH 8A on the Ahmedabad-Rajkot Highway is being developed with International Finance Corporation (IFC), which is a strategic partner with MLDL. Both partners have equal stake in this project, which will come up on 268 acres in the first phase. Another 130 acres may be added in the next phase.