Mahindra Lifespaces, Sumitomo Corporation to invest ₹225 crore for industrial cluster expansion in Tamil Nadu
The expansion, executed in partnership with Japan’s Sumitomo Corporation, aims to boost industrial development in the region. The collaboration, initiated through a joint venture agreement in 2015, was further reinforced by a supplemental agreement signed on November 22, 2024.
The agreement entails an investment of ₹225 crore by MWCDL and Sumitomo in Mahindra Industrial Park Chennai Ltd (MIPCL) in proportion to their shareholding. The second phase will focus on land acquisition and infrastructure development.
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“The Joint Venture Agreement originally signed in 2015, with Sumitomo Corporation was further strengthened today through a Supplemental Agreement which involves an investment of approximately ₹225 crores by MWCDL and Sumitomo Corporation, Japan in Mahindra Industrial Park Chennai Ltd (MIPCL), in proportion of their existing shareholding,” according to a stock exchange filing.
Amit Kumar Sinha, Managing Director and CEO of Mahindra Lifespace Developers, said “At Mahindra Lifespaces, we take pride in developing industrial clusters and integrated cities that drive economic growth and support businesses. The partnership with Sumitomo Corporation reflects our commitment to fostering progress and enabling industries to thrive sustainably.”
“MIPCL which currently spans over 307 acres, already hosts global and domestic companies that have set up their industrial facilities. Its objective is to play a pivotal role in supporting the region’s industrial and economic growth and offering world-class infrastructure to businesses,” it added.
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Shares of Mahindra Lifespace Developers Ltd ended at ₹462.70, up by ₹7.85, or 1.73% on the BSE.
