 "Mahindra World City & Sumitomo Corp sign agreement withTN to develop new industrial park near Chennai")
Mahindra Industrial Park Chennai Ltd, a SPV floated by Mahindra World City Developers Ltd (MWCDL), and Sumitomo Corporation of Japan, has signed an agreement with Tamil Nadu to develop an industrial park in North Chennai.
During the phase-I the company will invest around Rs 400 crore to develop 300 acres of plan. First phase is expected to be completed by Fiscal 2018, said Sangeeta Prasad, Chief Executive Officer, Integrated Cities and Industrial Clusters, Mahindra Lifespace Developers Ltd.
Speaking on the sidelines of Tamil Nadu Global Investors Meet (GIM) at Chennai she said, Land for the project is expected to be transferred to the joint venture by next quarter. The joint venture company - Mahindra Industrial Park Chennai Ltd - will have 60 per cent equity participation from Mahindra World City and the balance 40 per cent from Sumitomo.
The company will develop another 300 acres of land as part of its Phase-II plan. Once the entire project is completed the industrial park would have attracted around Rs 2,500-3,000 crore of investments.
The company will target industries including engineering, precession, logistics and others and they will focus on domestic markets.
