Mahindra Lifespace Developers have tied up with Japan's Sumitomo Corporation to set up an industrial park in Chennai.
This is the company's third industrial park. The 700 acre project, based in Chennai, is expected to be launched in FY17.
The developers are all set to start with the first phase of the project. For the second phase, they are looking at different parts of the country as well.
“We definitely are looking at options in the west of India, engaging with different states,” said the developers.
The partnership has 60 percent of Mahindra Lifespaces shareholding and 40 percent of Sumitomo Corporation shareholding.
Below is the transcript of Anita Arjundas’s interview on CNBC-TV18
Q: Tell us more about this project.
A: The project will be about 700 acres in totality when fully finished. Right now we are starting with the first phase which is about 300 acres. This is a phase where we have already completed master planning. With the joint venture (JV) now being signed on Friday, we will move into approvals and look forward to an FY17 launch. The partnership has 60 percent of Mahindra Lifespaces shareholding and 40 percent of Sumitomo Corporation shareholding.
Q: This land that you have acquired already you are saying the total size is 700 acres. Give us an idea of how much Mahindra has already acquired? Is there a portion that still has to be acquired?
A: Close to 90 percent of the total land of the 700 acres is already been acquired. We just need to put the balance together and then we will have the total area required for 700 acres. The first phase has all of the land that is needed for the phase completely acquired with access to the road. Therefore, we will be starting with the first phase now.
Q: Are you looking at entering Maharashtra at all?
A: We right now have started on our first one. Today, we have just announced the first smaller industrial park format which is from Chennai. We definitely are looking at options in the west of India, engaging with different states. It is a little too early to comment on where we will setup the second one and how it will take shape but we are engaging with states in western India and states in southern India to start with.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
