Moneycontrol
Jan 13, 2017 09:52 AM IST IST | Source: Moneycontrol.com

Mahindra Life to set up industrial park in Gujarat; shares up 3%

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

Moneycontrol Bureau

Shares of Mahindra Lifespace Developers added 3.6 percent intraday Friday as it has signed a memorandum of understanding (MoU) with the government of Gujarat to set up an industrial park near Ahmedabad with a total investment of Rs 3000 crore.

"The company has signed an MoU with the Government of Gujarat, through a 100 percent subsidiary, to establish a 350-acre (approximately), multi-product industrial park near Ahmedabad," as per company release.

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

The industrial park is expected to create direct and indirect employment for about 12,000 persons, when fully operational.

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

Anita Arjundas, Managing Director of Mahindra Lifespace Developers said, "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."

At 09:36 hrs Mahindra Lifespace Developers was quoting at Rs 369, up Rs 10, or 2.79 percent on the BSE.

Posted by Rakesh Patil
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