Mahindra World City Developers Ltd and Japanese firm Sumitomo Corporation have entered into a 60:40 joint venture to set up a Rs 375-crore industrial park in Tamil Nadu.
Mahindra World City Developers, a subsidiary of Mahindra Lifespace Developers Ltd, said the company is in the process of developing 300 acres in North Chennai to begin with.
“Our intent is to acquire about 700 acres and develop it. We have already acquired about 550 acres. At present we are developing about 300 acres with an estimated investment of Rs 375 crore,” Anita Arjundas, MD & CEO, Mahindra Lifespace Developers told reporters.
Akito Shiraishi, General Manager, Overseas Industrial Park Department, Sumitomo Corporation said, “This will be our first venture in the industrial park space in India. Tamil Nadu is one of the preferred destinations for Japanese investors in India, with over 557 Japanese companies having already set up their facilities in the state.”
Mahindra World City has an existing project in South Chennai at Maramalai Nagar. MWC, Chennai, is a joint venture between MLDL and Tamil Nadu Industrial Development Corporation. It houses more than 64 blue-chip companies . MWC also has a similar project in Jaipur.