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Mahindra World City Developers (MWCDL), a subsidiary of Mahindra Lifespace Developers (MLDL), has partnered with Sumitomo Corporation and Mahindra Industrial Park Chennai (MIPCL) to expand the existing industrial park in Tamil Nadu. The project, branded as 'Origins by Mahindra,' will see an investment of approximately INR 225 crore from the joint venture partners. This expansion aims to enhance the 307-acre park by acquiring additional land and developing infrastructure to foster a modern industrial ecosystem. MLDL holds an 89% stake in MWCDL, while MWCDL owns 60% of MIPCL, with Sumitomo Corporation holding the remaining 40%.
Mahindra World City Developers (MWCDL), a subsidiary of Mahindra Lifespace Developers (MLDL), along with Sumitomo Corporation and Mahindra Industrial Park Chennai (MIPCL), has signed a supplemental joint venture agreement to expand the existing industrial park in Tamil Nadu. MWCDL will build the second phase of the industrial park project in Tamil Nadu under the brand 'Origins by Mahindra'. Advertisement
The joint venture partners, shareholders of MIPCL, plan to invest around INR 225 crore into the development of this project. The capital will be contributed according to the existing shareholding proportions of the joint venture partners.
Currently, MIPCL covers an area of 307 acres, and this new phase will emphasize acquiring and developing land and related infrastructure to create a cutting-edge industrial ecosystem.
MLDL owns 89% of MWCDL?s total equity share capital, which is a joint venture with the Tamil Nadu Industrial Development Corporation (TIDCO) in a ratio of 89:11. MWCDL holds a 60% stake in MIPCL, while the remaining 40% is owned by Sumitomo Corporation of Japan.
Founded in 1994, Mahindra Lifespace Developers Ltd (MLDL) is a leading player in India?s real estate and infrastructure industry. It promotes sustainable residential communities and industrial ecosystems under brands like Mahindra World City and Origins by Mahindra. The company has completed, ongoing, and planned residential projects covering 38.49 million sq. ft. across 7 Indian cities. It manages integrated developments and industrial clusters spanning over 5000 acres in 4 key locations.
In conclusion, the expansion of the industrial park under the 'Origins by Mahindra' brand marks a significant step in enhancing Tamil Nadu's industrial landscape. With a substantial investment and a focus on sustainable development, this initiative not only strengthens MWCDL's position in the real estate sector but also contributes to the region's economic growth. As the project progresses, it promises to create a robust industrial ecosystem that attracts businesses and drives innovation, aligning with Mahindra Lifespace Developers' commitment to sustainable development and community building.
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