Mahindra World City JV with Sumitomo for industrial park

Mahindra World City Developers Limited, a subsidiary of Mahindra Lifespace Developers Limited, and Sumitomo Corporation signed a joint venture agreement on Thursday to set up an industrial park in North Chennai.

This was announced by Anita Arjundas, MD & CEO, Mahindra Lifespace Developers Limited and Akito Shiraishi, General Manager, Overseas Industrial Park Department, Sumitomo Corporation, at a joint press conference in Mumbai.

According to a press release, the expertise of the Mahindra Group and Sumitomo Corporation in developing world-class industrial parks will provide an impetus to the ‘Make in India’ initiative of the Government. The proposed Industrial Park will fulfil that requirement and help India emerge as a manufacturing destination for more MNCs, the release said.

Shiraishi said, “This will be our first venture in the industrial park space in India. Tamil Nadu is one of the most preferred destinations for Japanese investors in India, with over 557 Japanese companies having already setup their facilities in the state.”

Masahiro Narikiyo, CMD, Sumitomo Corporation India, said “We see the partnership with the Mahindra Group as a stepping stone toward more opportunities in this space. We would like to see the relationship with the Mahindra Group extend to other areas where there are synergies between the two groups”

Anita Arjundas said “While it is our maiden venture together, the experience of both the Mahindra Group and Sumitomo Corporation in this space will certainly create an industrial park which will attract companies from across the world to set up their facilities in an enabling environment.”

Sangeeta Prasad, CEO, Integrated Cities and Industrial Clusters, Mahindra Lifespace Developers Ltd., said, “Mahindra and Sumitomo have created bench mark developments in the industrial park space. We are confident that this JV with Sumitomo will give an impetus to companies, especially those from Japan, to set up a base in our park.”