Mahindra Lifespaces Developers Ltd (MLDL), the real estate and infrastructure development arm of the $17.8-billion Mahindra Group, has said it would develop a new industrial park near Ahmedabad with an investment of nearly Rs. 3,000 crore.
The company, on the third day of the ongoing Vibrant Gujarat Global Summit 2017, announced having signed an MoU with the Gujarat Government, in this regard.
Through a 100 per cent subsidiary, it would establish a multi-product industrial park in a 350-acre area, marking Mahindra Lifespaces’ foray into Gujarat.
It is being planned to cater to non-polluting industries. When fully operational, the industrial park is expected to create direct and indirect employment for about 12,000 persons., when fully operational.
The proposed industrial park will be developed under the aegis of Gujarat Industrial Policy 2015, said Anita Arjundas, Managing Director, Mahindra Lifespace Developers Ltd.
Mahindra Lifespaces has pioneered the development of sustainable, integrated business cities – Mahindra World Cities – in partnership with state governments in India.
Mahindra World City (MWC) developments in Chennai and Jaipur span over 4,000 acres and have emerged as business destinations for more than 130 Indian and transnational companies, who have set up operations in these cities to cater to both Indian and global markets.
Moreover, both MWC Chennai and MWC Jaipur have been developed on ‘green’ or environment-friendly principles. MWC-Chennai is an Indian Green Building Council (IGBC) Stage I Certified (with a Gold rating) integrated business city.
Mahindra World City, Jaipur is Asia’s first city (and the world’s largest) to receive Climate Positive Development Stage 2 Certification from the C40 Cities Climate Leadership Group (C40), a global network of large cities taking action to address climate change.
Mahindra Lifespaces, through a joint venture between its subsidiary Mahindra World City Developers Ltd and Sumitomo Corporation of Japan, is also setting up an approximately 263.80-acre industrial park in North Chennai (the NH5 corridor).