You are here: Home » Companies » News
Falling margins, high attrition, moonlighting causing trouble for IT sector
Indian-origin Twitter executive Sandeep Pandey departs to join Meta
Business Standard

Mahindra Lifespace crossed $1 bn m-cap, proved sceptics wrong: CEO

In April, Mahindra Lifespace Developers Ltd announced an investment of Rs 500 crore to develop India's first net-zero energy housing project, comprising around 550 units, in Bengaluru

Topics
Mahindra Group | Anand Mahindra | market cap

Press Trust of India  |  New Delhi 



mahindra
Mahindra Lifespace crosses $1 bn m-cap.

Chairman on Friday said the of its realty firm Mahindra Lifespace has crossed USD 1 billion, proving sceptics wrong that the company could not survive without transacting in black money.

The milestone has vindicated the Group's entry into the real estate sector, he said.

Mahindra Lifespace Developers Ltd is the real estate arm of the . It is listed on stock exchanges.

Shares of Mahindra Lifespace Developers were trading at Rs 519.75 apiece on BSE, up 2.29 per cent at 1128 hrs. The market capitalisation of the company was at Rs 8,032.51 crore.

This morning Mahindra Lifespace crossed a of USD 1 billion and became the next 'unicorn' in our Group, tweeted .

"I remember when I entered the real estate sector in the late 80s via Mahindra Ugine, I was told that we would not survive without transacting in black money.

"But that was exactly why I felt we had to enter the sector & prove the sceptics wrong," he tweeted.

"My gratitude to Arun Nanda who led the sector & to the @life_spaces team led by Arvind for getting us to this milestone & vindicating our entry," Mahindra said.

Arun Nanda retired as Chairperson (Non-Executive Non-Independent) of the company with effect from July 28. The company's board approved the election of Ameet Hariani, Non-Executive Independent Director of the company as the new Chairperson.

Arvind Subramanian is the Managing Director and CEO of Mahindra Lifespace Developers Ltd.

Mumbai-based Mahindra Lifespace Developer is one of the leading real estate firms in the country.

Established in 1994, Mahindra Lifespace Developers Ltd development footprint spans 32.14 million sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities.

It also has over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments/ industrial clusters across four locations.

In April, Mahindra Lifespace Developers Ltd announced an investment of Rs 500 crore to develop India's first net-zero energy housing project, comprising around 550 units, in Bengaluru.

The company also announced that it will develop only net-zero housing projects from 2030 onwards, and the farm equipment-to-aerospace conglomerate will become carbon neutral by 2040, ten years ahead of the Paris Agreement targets.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Fri, August 26 2022. 13:01 IST

RECOMMENDED FOR YOU

.