Mahindra World City Developers Ltd, a joint venture between Mahindra Lifespace Developers Ltd and the Tamil Nadu Industrial Development Corporation Ltd, has signed a Memorandum of Understanding with Tamil Nadu government, which will enable investments worth over Rs. 1,000 crore in industrial cluster development over five years and create about 2,000 jobs.
Mahindra Lifespace, is a developer of integrated cities and industrial clusters and operates brand ‘Mahindra World City’ and ‘Origins by Mahindra’, respectively. The company will now undertake the second phase of development under ‘Origins’ at Eliambedu village in Chennai.
“The launch of Origins by Mahindra – Phase II is a testament to the success and attractiveness of Origins by Mahindra as a destination for companies looking to establish their manufacturing units. This marks a crucial step in our business expansion and growth journey,” said Rajaram Pai, Chief Business Officer – Industrial, Mahindra Lifespace Developers Ltd.
“We believe that our focus on sustainability will also attract industries that share our commitment to environmentally responsible practices and development. We are focusing on a diverse set of industries for this leg of expansion, creating a dynamic ecosystem that will contribute to the economic prosperity of Tamil Nadu and the nation at large.” Pai added.
According to the company, Origins by Mahindra in Chennai is located along National Highway 16, a part of the Golden Quadrilateral, and is in close proximity to the Chennai – Bangalore Industrial Corridor as well as Chennai – Vizag Industrial Corridor. The industrial cluster has access to three major ports—Chennai, Ennore, and Kattupalli.
“As we expand our footprint with Origins by Mahindra Phase – II, the Integrated Cities and Industrial Clusters (IC & IC) vertical of Mahindra Lifespaces continues to accelerate business efficiency and improve go-to-market with plug and play infrastructure. Tamil Nadu’s distinguished business environment further enhances our confidence in expanding our operations here.
Mahindra Lifespaces has been an integral part of Tamil Nadu’s business landscape and we applaud the Government’s commitment to furthering business growth in the state,” said Amit Kumar Sinha, Managing Director and Chief Executive Officer, Mahindra Lifespace Developers.
The first phase of the existing industrial cluster in Chennai covers about 307 acres and houses Japanese and Taiwanese enterprises such as Yanmar Engine Manufacturing India, Nissei Electric India, USUI Susira International, Mitsubishi Electric, OMRON Healthcare, Track Designs India, INTJR Precision Technology, Autogrip Machinery India, Masano Seiki and Ashirvad Pipes.
On Wednesday, shares of Mahindra Lifespace Developers closed 0.4% higher at Rs. 565.05 on the National Stock Exchange.
