Mahindra World City expects $1.5 bn investments

Mahindra World City (MWC) "" New Chennai, one of the first private SEZs to come into operation in the country, expects to attract investments to the tune of $1-1.5 billion over the next five years. It also expects to generate job opportunities for over 50,000 people during this period.

Located 45 km from the Chennai city and 30 minutes from the Chennai international airport, it is promoted by the Mahindra group and the Tamil Nadu Industrial Development Corporation. It houses three sector-specific SEZs "" information technology and electronic hardware, apparel and fashion accessories, and auto components.

About 35 companies have committed to invest in MWC, spread over 1,400 acres. Eleven companies have commenced operations and others are in the process of setting up facilities and expected to be operational in the early 2008, according to an MWC statement.

Companies, which have set up operations here include BMW, Braun, Infosys, Nera Electronics, Srinivasa Fashions, and TVS group of companies. MWC, at present, employs over 6,000 people and its annual exports stood over Rs 500 crore in 2006-2007.

In a bid to improve commuting to work, the Paranur railway station adjoining MWC, has been redesigned through public-private partnership initiatives between the latter and Southern Railway. This railway station is the first to be redesigned and maintained by a corporate sector and was inaugurated Friday last.

Arun Nanda, president - infrastructure development sector, M&M, said, "Mahindra World City is the country's first fully-functional SEZ in public-private partnership. This station presently operates over 64 local services between Chengelput and Chennai beach station with over 2,000 people using the services to commute to work. In the next 5 years, we expect 40 per cent of the park population to use the train services."