IFC to invest Rs 320 cr in Mahindra Lifespace industrial parks

The International Finance Corporation (IFC) will invest about Rs 320 crore in realty firm Mahindra Lifespace Developers' industrial park projects across Gujarat, Rajasthan and Maharashtra.

Mahindra Lifespace Developers Ltd is the real estate and infrastructure development arm of the Mahindra Group while IFC is a member of the World Bank group.

Mahindra Lifespace and IFC announced "a partnership for the development of multiple industrial parks across Gujarat, Rajasthan and Maharashtra".

IFC has committed $50 million investment in these projects.

"The partnership envisages investment across Mahindra Lifespaces' existing and upcoming industrial park projects, with its first investment in an approximately 350-acre industrial park near Ahmedabad," Mahindra Lifespace said in a statement.

Mahindra Lifespace MD Anita Arjundas said sustainable industrial ecosystems are key enablers for attracting investment in manufacturing.

"Industrial parks or special economic zones are globally recognised as engines for economic growth and development. Development of these parks will attract private investments and provide a fillip to several flagship initiatives of the Government of India and create jobs," said Jun Zhang, IFC Country Head for India.

Mahindra Lifespace's housing and commercial development footprint include 14.06 million sq ft of completed projects and 8.7 million sq ft of ongoing and forthcoming ones.

The company is developing two integrated business cities, under 'Mahindra World City' brand, in Chennai and Jaipur.