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Business News/ Companies / Mahindra World City partners Sumitomo for Chennai industrial park
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Mahindra World City partners Sumitomo for Chennai industrial park

The park will be spread across 300 acre of land in north Chennai, 35 km away from the city

While Mahindra World City Developers will hold 60% stake in the joint venture firm Mahindra Industrial Park Chennai, the Japanese company will hold the rest of it.Premium
While Mahindra World City Developers will hold 60% stake in the joint venture firm Mahindra Industrial Park Chennai, the Japanese company will hold the rest of it.

Chennai: Mahindra World City Developers Ltd, a unit of Mahindra Lifespace Developers Ltd, has entered into an agreement with Japan’s Sumitomo Corp. to jointly set up an industrial park in Chennai with an investment of 375 crore.

While Mahindra World City Developers will hold 60% stake in the joint venture firm Mahindra Industrial Park Chennai, the Japanese company will hold the rest of it.

The park will be spread across 300 acre of land in north Chennai, 35 km away from the city. “We will be working with around 300 acres to get our approvals together as a partner and launch it sometime in the next couple of years," said Sangeeta Prasad, chief executive officer (integrated and industrial clusters) Mahindra Lifespace developers.

She said the park is strategically located to attract customers from industries like automatic, food processing and logistics, where most of the companies especially from Japan have set up their facilities.

Akito Shiraishi, general manager (overseas industrial park department) Sumitomo Corp, said this is the company’s first investment in an industrial park space in India.

Mahindra Lifespace is already present in Chennai. Mahindra World City, Chennai, a joint venture between Mahindra Lifespace and Tamil Nadu Industrial Developemnt Corp., is building Special Economic Zones (SEZs) and Domestic Tariff Area (DTA) spreading across 1500 acres in Chennai. It houses more than 64 companies including BMW, Infosys, Renault, Nissan among others.

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Published: 28 May 2015, 05:22 PM IST
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