Mahindra Lifespaces, Sumitomo Corp extend industrial clusters partnership
Mahindra Lifespace Developers Ltd. (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has extended its partnership with Japan’s Sumitomo Corporation for the second phase of their joint industrial parks project in Tamil Nadu.
The company, through its subsidiary Mahindra World City Developers (MWCDL), has entered into a supplemental agreement that involves an investment of around Rs 225 crores by MWCDL and Sumitomo Corporation in Mahindra Industrial Park Chennai Ltd (MIPCL), in proportion to their existing shareholding. The joint venture agreement was originally signed in 2015.
“The partnership with Sumitomo Corporation, reflects our commitment to fostering progress and enabling industries to thrive sustainably,” said Amit Kumar Sinha, Managing Director & CEO, Mahindra Lifespace Developers.
MIPCL currently spans over 307 acres and already hosts global and domestic companies that have set up their industrial facilities here. This new phase will also focus on the acquisition and development of land and associated infrastructure to establish an advanced industrial ecosystem.
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