Mahindra World City today said it will set up an industrial park near Chennai along with Sumitomo Corporation at an investment of about Rs 375 crore.
The joint venture will be called Mahindra Industrial Park Chennai Ltd. Mahindra World City Developers will hold 60% in the company while 40% will be held by Sumitomo Corporation.
The park will be spread across 300 acres of land in North Chennai.
Akito Shiraishi, general manager - overseas Industrial Park Department, Sumitomo Corporation said that this is the company's first venture in the industrial park space in India.
Tamil Nadu is one of the preferred destinations for Japanese investors in India. The state houses nearly 557 Japanese companies.
Mahindra World City (MWC), which was set up by Mahindra Lifespace Developers, the real estate and infrastructure arm of Mahindra Group, has already set up one project in South Chennai at Maramalai Nagar. MWC, Chennai is a joint venture betweel MLDL and Tamil Nadu Industrial Development Corporation (TIDCO) spread over 1,500 acres of land and includes SEZs and DTAs.
The city houses more than 64 blue chip companies including BASF, BMW, Fujitec, Infosys, Renault-Nissan's R&D facility and others. So far it has attracted investments worth Rs 5,000 crore and generated cumulative exports of Rs 34,000 crore.
