Mahindra-Sumitomo Chennai JV project in final stages of approval

Mahindra Industrial Park Chennai Ltd (MIPCL), a project jointly developed by Mahindra Lifespace Developers Ltd (MLDL) and Sumitomo Corporation of Japan is in the last leg of the approval process, according to senior management officials from MLDL.

Speaking to reporters here, Sangeeta Prasad, CEO, Integrated Cities and Industrial Clusters, MLDL, said, "The North Chennai project will be a domestic tariff area (DTA) project. We have procured the land needed for the first phase of the project and after that only we have moved for approval process."

Shyam Kalyanasundaram, business head of the MIPCL said the company is in the last leg of approval process and phase-I of the project will be of 250 acres while a phase-2 of similar size would follow in a later stage. 

The project is coming up near NH5 in North Chennai, almost five kilometres away from Gummudipoondi.

While Mahindra World City projects in Chennai and Jaipur have the same format with SEZ included, the North Chennai project and a recently announced project near Ahmedabad, Gujarat, have a different format and are more like industrial clusters, said Prasad. 

According to earlier reports, the partners signed an agreement with the state government in the Tamil Nadu Global Investors Meet (GIM) in September 2015 to develop the first phase with an investment of around Rs 400 crore.

The Mahindra World City in Chennai has over 60 customers and other amenities, including four residential projects, health and entertainment facilities and has a 35 acre land left for further development. 

In the Jaipur facility, out of a total area of around 3,000 acres, around 1500 acres is of multiproduct SEZ.