Indian Real Estate Player Mahindra Lifespace Developers Ltd Monday reported a vital association with International Finance Corporation (IFC), a member of the World Bank Group, in which the IFC would invest $50 million to develop industrial parks across Gujarat, Rajasthan and Maharashtra.
In a filing to the Bombay Stock Exchange, the Mahindra Group company said the partnership would involve investments across Mahindra Lifespaces’ existing and future industrial park projects, with its initial investment in an approximately 350-acre industrial park near Ahmedabad.
“The proposed modern parks will give driving force to the ‘Make In India’ initiative, and will be situated in regions that have noteworthy potential for large-scale industrial infrastructure creation,” the company said. While the industrial parks would cater to both large businesses as well as medium and small enterprises, developments undertaken by the partnership are expected to augment the local manufacturing ecosystem in each region, it said.
“Modern parks or exceptional financial zones are all around perceived as motors for monetary development and improvement. Advancement of these parks will pull in private speculations and give a fillip to several flagship initiatives of government of India and create jobs,” said Jun Zhang, country head for India, IFC in a statement..
Mahindra Lifespace as of now works two industrial townships — Mahindra World City Chennai and Mahindra World City Jaipur. Both these townships traverse more than 4,000 sections of land and house around 130 Indian and multinational organizations. It is additionally during the time spent building up a 264-acre industrial park in North Chennai in partnership with Japanese conglomerate Sumitomo Corp.
Moreover, the Mumbai-based firm is as of now creating around 9.60 million sq. ft of private undertakings the nation over incorporating into the Mumbai Metropolitan Region, National Capital Region, Hyderabad, Bengaluru and Chennai.It has also entered into the affordable housing segment under the ‘Happinest’ brand.
“Sustainable industrial ecosystems are key empowering influences for drawing in interest in assembling and optimizing foundation drove improvement. Mahindra Lifespaces is enchanted to cooperate with International Finance Corporation to drive this change plan forward through a system of modern bunches the nation over,” said Anita Arjundas, managing director, Mahindra Lifespace.