Mahindra Lifespace and Sumitomo Corporation to Invest Rs 225 Crore in Tamil Nadu Industrial Park Expansion

Mahindra Lifespace Developers and Japan's Sumitomo Corporation will infuse Rs 225 crore to expand their joint industrial park in Tamil Nadu. The park, which currently spans 307 acres, will see its second phase developed under the brand 'Origins by Mahindra'. This expansion strengthens their ongoing collaboration.

Realty giant Mahindra Lifespace Developers, through its subsidiary, is set to collaborate with Japan's Sumitomo Corporation to invest approximately Rs 225 crore in expanding their industrial park project in Tamil Nadu. The park, which plays host to several domestic and international companies, is poised for significant growth.

A regulatory filing disclosed that Mahindra Lifespace's subsidiary, Mahindra World City Developers Ltd (MWCDL), alongside Sumitomo and Mahindra Industrial Park Chennai Limited (MIPCL) entered a supplemental joint venture agreement to develop the next phase of the industrial park. The project, under the 'Origins by Mahindra' brand, will enhance industrial infrastructure.

In the new development phase, MWCDL, owning a 60% stake in MIPCL, and Sumitomo, with 40%, commit to proportional investments. Amit Kumar Sinha, CEO of Mahindra Lifespace, highlighted the company's mission to drive economic growth through sustainable industrial clusters, reinforcing the strategic partnership with Sumitomo Corporation for mutual progress.

(With inputs from agencies.)