Mahindra Lifespace Developers to form JV with Standard Chartered Bank1 min read . Updated: 26 Jul 2013, 04:32 PM IST
Mahindra Lifespace and SCM Real Estate to invest `1,000 crore for developing residential projects
Mumbai: Mahindra Lifespace Developers Ltd (MLDL), the real estate and infrastructure development business of Mahindra Group, informed the BSE on Friday that it had entered into a joint venture agreement with SCM Real Estate (Singapore) Pvt. Ltd (SCM) for developing residential projects in India with a combined investment commitment of over ₹ 1,000 crore. SCM is the investment arm of Standard Chartered Bank.
The proposed development will be undertaken through Watsonia Developers Pvt. Ltd (WDPL), in which both MLDL and SCM hold an equal stake. The first two projects will be premium residential developments in Gurgaon and Bangalore.
“Our association with Standard Chartered Bank marks an important milestone for us with a partner who is equally committed and optimistic about the opportunities for sustainable residential developments in India.," said Anita Arjundas, managing director and chief executive of Mahindra Lifespace,
“This strategic relationship will leverage the expertise of both groups and become an important contributor towards our growth in the coming years."
With a presence in nine cities, Mahindra Lifespaces has already developed 8.3 million square feet and has over 11.3 million square feet of projects in the pipeline including 1.55 million square feet to be developed in the first two joint ones. All the projects developed by the joint venture will be marketed under the Mahindra Lifespaces brand.
Mahindra Lifespace rose about 0.81% to end at ₹ 445.85 on the Bombay Stock Exchange. The Sensex ended down 0.29 % to close at 19,748.19 points.