Mahindra Lifespace to raise $50 mn from IFC to support $210-mn projects

Company to develop industrial clusters in Rajasthan, Gujarat and Maharashtra

Mahindra Group's real estate arm Mahindra Lifespace Developers Limited (MLDL) plans to raise $50 million from the International Finance Corporation (IFC). The investment will support the company's plan to develop three industrial clusters (ICs) in Rajasthan, Gujarat, and Maharashtra at a cost of over $210 million.

IFC's proposed investment is a combination of equity and subordinated debt, with an equal investment from MLDL in a combination of instruments and assets. IFC will invest in one or more special purpose vehicles (SPVs) promoted by MLDL.

The three ICs are planned to be developed over the next four-six years in a staggered manner with