Jan 13, 2017 10:01 AM IST IST | Source: PTI

Mahindra Lifespace to develop Rs 3,000 cr ind park in Gujarat

The company has signed an MoU with the Gujarat government in this regard and the proposed industrial park is expected to create direct and indirect employment for about 12,000 persons, when fully operational, Mahindra Lifespace said in a statement.

Mahindra group's realty firm Mahindra Lifespace Developers announced its foray in Gujarat and will develop a 350-acre industrial park near Ahmedabad that could entail an investment of Rs 3,000 crore from the company and units to be established.

The company has signed an MoU with the Gujarat government in this regard and the proposed industrial park is expected to create direct and indirect employment for about 12,000 persons, when fully operational, Mahindra Lifespace said in a statement.

"The proposed new industrial park marks Mahindra Lifespaces' foray into Gujarat and is being planned to cater to non-polluting industries," it said.

"Estimated total investment of Rs 3000 crore by the company and its customers," the company said.

The proposed multi-product industrial park will be developed under the aegis of Gujarat Industrial Policy 2015.

"Mahindra Lifespaces is delighted to make its entry into Gujarat with the establishment of a multi-product industrial park that will offer business infrastructure and attract more manufacturing investment into the state," company's MD Anita Arjundas said.

"Strong port infrastructure, a robust base of both large scale industries and MSMEs, and a young and agile workforce all contribute towards creating an enabling ecosystem for manufacturing in Gujarat," said Sangeeta Prasad, Chief Executive Officer, Integrated Cities and Industrial Clusters, Mahindra Lifespace Developers.

Mahindra Lifespaces has pioneered the development of sustainable, integrated business cities Mahindra World Cities - in partnership with state governments in India.

Based on the philosophy of Livelihood, Living and Life, the Mahindra World City (MWC) developments in Chennai and Jaipur span over 4,000 acres and have emerged as business destinations of choice for more than 130 reputed Indian and transnational companies, who have set up operations in these Cities to cater to both Indian and global markets.

Moreover, both MWC Chennai and MWC Jaipur have been developed on green or environment-friendly principles.

As part of its journey towards creating a network of industrial clusters across the country, Mahindra Lifespaces, through a joint venture between its subsidiary Mahindra World City Developers Ltd and Sumitomo Corporation of Japan, is also setting up an approximately 263.80-acre industrial park in North Chennai (the NH5 corridor).

Mahindra Lifespace Developers Ltd, the real estate and infrastructure development business of the USD 17.8 billion Mahindra Group, has residential and commercial development footprint of 13.15 million sq ft of completed projects and 9.60 million sq ft of ongoing and forthcoming projects.

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