Mahindra Lifespace to develop industrial clusters

Mahindra Lifespace Developers, the realty arm of diversified Mahindra Group, today said it will develop industrial clusters under the brand 'Origins by Mahindra World City' to address the growing need for industrial infrastructure.
To begin with, the company has planned to develop two clusters, with one each in Chennai and Ahmedabad and with an investment of around Rs 600 crore for this.
"With India expected to emerge among the top five manufacturing countries globally, sustainable and future-ready business ecosystems will act as a game changer for inclusive growth, job creation and productivity enhancement," Mahindra Lifespace Chairman Arun Nanda told reporters here today.

The first project is coming up in North Chennai with a Phase 1 development of 264 acres, a joint venture between Mahindra World City Developers Limited and Sumitomo Corporation of Japan.
The second project is located near Ahmedabad, with a Phase 1 development of 268 acres, and is being developed along with International Finance Corporation (IFC) as a strategic partner.
Together, these industrial clusters are expected to create direct employment for around 20,000 persons and will target companies across the engineering, medical equipment, food processing and logistics sectors, amongst others.

Commenting on the initiative, company's Managing Director Anita Arjundas said, "Origins by Mahindra World City is born out of our vision to develop a pan-India network of robust manufacturing ecosystems, where businesses can thrive. These industrial clusters will support the shift towards development beyond current urban centres, while making available a holistic environment conducive to accelerated business growth."

Talking about the investments the company expects to attract in these clusters, company's CEO for Integrated Cities and Industrial Clusters Sangeeta Prasad said, "We are expecting around Rs 3,000-Rs 4,000 crore worth of investment from both domestic and international firms who will be setting up their facilities here."
She further said the company has received all approvals for the Chennai industrial cluster and will soon commence the work.