Page 4 - Mahindra Lifespace Developers

Mahindra Lifespace to raise $50 mn from IFC to support $210-mn projects

The Mahindra Group's real estate arm Mahindra Lifespace Developers Limited (MLDL) plans to raise $50 million from International Finance Corporation (IFC). The investment will support company's plan to develop three industrial clusters (ICs) in Rajasthan, Gujarat and Maharashtra at a cost of over $210 million.IFC proposed investment is a combination of equity and subordinated debt, with an equal investment from MLDL in a combination of instruments and assets. IFC will invest in one or more special purpose vehicles (SPVs), promoted by MLDL.The three ICs are planned to be developed over the next 4-6 years in a staggered manner, with full project completion by 2025.The IC near Pune will be developed over an area of approximately 511 acres. It will comprise of a domestic tariff area and engineering and auto ancillary units. Around 152 acres has already been purchased by Knowledge Township Limited (KTL), a subsidiary of MLDL.For IC near Jaipur, the SPV would utilise 500 acres from the ...