)
Sangeeta Prasad, chief executive officer (CEO), Mahindra World City Developers Limited has been elevated to the position of CEO - Integrated Business Cities and Industrial Parks business in Mahindra Lifespace Developers Limited, the Real Estate arm of the Mahindra Group. She will be based out of the Corporate Office at Mumbai.
S Chandru, has taken over charge from Sangeeta Prasad as the COO, Mahindra World City Developers Limited from April 16, 2013.
Mahindra World City, spread over 1500 acres in the outskirts of Chennai near Chenglepet, has three sector-specific SEZs for Information Technology, Auto Ancillaries, and Apparel & Fashion Accessories.
The leading Indian and multi-national companies at Mahindra World City include BMW, B Braun, Cap Gemini, Infosys, Renault Nissan, Mindtree, Timken, TVS Group, Tech Mahindra and Wipro. Mahindra World City is expected to have a working population of 100,000 people by 2015 with current employment at close to 10,000 persons.
It may be noted, recenlty Mahindra Lifespace Developers, part of $15.9 billion Mahindra Group, has bought the stake of private equity Arch Capital in its joint venture residential project at Chennai. The buy out of the stake was estimated to be around Rs 70 crore.
Mahindra Lifespace formed a JV in 2009 to set up a Rs 400 crore residential project inside Mahindra World City. The private equity real estate fund, ARCH Capital Asian Partners, L.P., managed by ARCH Capital Management Company Limited, had a 49 per cent stake in the JV. The fund is an affiliate of Ayala Land, the Philippines’ largest trusted real estate brand, and Ayala Corporation.
Following the buyout the SPV will become a 100 per cent subsidiary of Mahindra Lifespace now.
