MWCDL, Sumitomo in industrial park JV

Mahindra World City Developers (MWCDL), a subsidiary of Mahindra Lifespace Developers (MLDL), has signed a joint venture (JV) agreement with Sumitomo Corporation (SC) to set up an industrial park in North Chennai.

According to the agreement, MWCDL will hold 60 per cent in the JV, while SC will have the remaining stake. The total investment in the park is likely to be around Rs 375 crore and the proposed area for development is likely to be around 300 acres.

“We are delighted to partner with Sumitomo Corporation to establish an industrial park in Chennai, Tamil Nadu,” Anita Arjundas, MD & CEO, Mahindra Lifespace Developers, said. “We see the partnership with the Mahindra Group as a stepping stone toward more opportunities in this space,” Masahiro Narikiyo, CMD, Sumitomo Corporation India, said.

MWC, Chennai, is a JV between MLDL and Tamil Nadu Industrial Development Corporation (TIDCO) spanning over 1,500 acres and comprises product-specific SEZs and a domestic tariff area (DTA). It houses over 64 blue chip companies, and has a cumulative investment of around Rs 5,000 crore, exports of around Rs 34,000 crore, and employment for 37,000 people.

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