Mahindra, Sumitomo Invest ₹225 Crore in Tamil Nadu Industrial Park Expansion

25 Nov 2024 , 10:36 AM

Mahindra Lifespace Developers Ltd has announced the second phase of its industrial park, Origins by Mahindra, in Tamil Nadu. The expansion is being carried out by the group’s subsidiary, Mahindra World City Developers Ltd, in collaboration with Japan’s Sumitomo Corporation.

The joint venture with Sumitomo, formed back in 2015, was strengthened with an addendum agreement executed on November 22, 2024. MWCDL and Sumitomo Corporation will jointly invest around ₹225 crore in Mahindra Industrial Park Chennai Ltd (MIPCL) as a proportion of the percentage they own in that company.

MD and CEO of MLDL, Amit Kumar Sinha, insisted that the group was committed to setting up industrial clusters as well as integrated cities, thus accelerating economic development while furthering sustainable industrialization. MIPCL, covering an area of over 307 acres, hosts global and domestic companies that have already setup industrial operations.

The entire scope of the second phase involves land acquisition, world-class infrastructural developments to add value to the industrial offerings provided by the park. It will enhance the sense of industrial and economic growth in the region by providing state-of-the-art facilities to businesses.