May 28, 2015
Sumitomo Corporation and Mahindra World City partner to jointly develop industrial park in Chennai city, Tamil Nadu in India
Sumitomo Corporation(Head Office: Chuo-ku, Tokyo; President and CEO: Kuniharu Nakamura; hereinafter “SC”) and Mahindra World City Developers limited(Head Office: Chennai city, Tamil Nadu state; COO: S. Chandru; hereinafter “MWC”) from the real estate arm of the USD 16.5 billion multinational Mahindra Group are pleased to announce that we agreed on the establishment of Joint Venture, “Mahindra Industrial Park Chennai” and signed Joint Venture Agreement for joint development, sales and management of industrial park in the area of Chennai in the state of Tamil Nadu.
India has been growing economically and increasing its presence in the world since India implemented economic reform in 1991. Mr. Narendra Modi, who was sworn in as a prime minister in May, 2014, launched an initiative ”Make in India” to encourage manufacturing companies to manufacture their products in India. He focused on encouraging global companies to invest in India and improving platform for ease of doing business in India such as simplifying the tax regulation.
Chennai, capital city of Tamil Nadu state, is located in the south-east part of India and holds one of the country’s biggest port, which opens towards South East Asian countries. Automotive, IT and electronics are the main industries in Chennai, so many Japanese manufacturing companies set up its factory in the city year after year and Chennai is drawing attention for a function as a base of operations for exports to South East Asia, Middle East and Africa. Chennai is also well known for workforce in abundance and with high educational standard. Infrastructure such as road and port in the area of Chennai will be intensively developed under the scheme of Chennai Bangalore Industrial Corridor initiated by Government of India and Japanese government.
SC will contribute to local community through generating employment by encouraging Japanese companies to invest in our industrial park in Chennai. For development of our industrial park, SC and MWC will ask state government of Tamil Nadu for support and make every effort to realize this project.
|Mahindra Industrial Park Chennai limited|
|Name of industrial park||:||Mahindra Industrial Park Chennai|
|Location||:||Chennai, state of Tamil Nadu, India|
|Shareholder Composition||:||Mahindra World City Developers Limited 60％
Sumitomo Corporation 40%
|Total development area||:||approximately 110 ha|
|Total investments||:||60 million USD|
Mahindra Lifespace Developers Ltd., the real estate and infrastructure development business of the $16.5 billion Mahindra Group, is a leader in sustainable urban development, through the creation of residential and integrated large format developments across nine Indian cities - Mumbai, Pune, Nagpur, Gurgaon, Faridabad, Jaipur, Chennai, Hyderabad and Bangalore. The Company’s residential & commercial development footprint includes over 0.8 million sq.m. (8.92 million sq ft) of completed projects and over 0.96 million sq. m. (10.38 million sq. ft.) of ongoing and forthcoming projects.
Mahindra Lifespaces has pioneered the concept of an integrated business city through ‘Mahindra World City’ developments in Chennai and Jaipur. These developments cover 1796 hectares (4,437 acres) and house over 125 reputed global companies, providing an integrated environment for Life, Living and Livelihood. The Company’s ‘Green’ homes, pan-India presence, and the development of successful integrated cities have all contributed to Mahindra Lifespaces being recognized as a developer with a pioneering spirit. Mahindra Lifespaces is the first real estate company in India to release its triple bottom-line focused Sustainability Report that is based on the Global Reporting Initiative (GRI) framework and received an A+ rating indicating the highest levels of disclosure and transparency.
In 2014, Mahindra Lifespaces has been recognized as a Regional Sector Leader for Asia by the Global Real Estate Sustainability Benchmark (GRESB).
www.mahindralifespaces.com ; www.mahindraworldcity.com
The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.
A USD 16.5 billion multinational group based in Mumbai, India, Mahindra provides employment opportunities to over 200,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology, financial services and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two wheeler industries.
In 2014, Mahindra featured on the Forbes Global 2000, a comprehensive listing of the world’s largest, most powerful public companies, as measured by revenue, profit, assets and market value. The Mahindra Group also received the Financial Times ‘Boldness in Business’ Award in the ‘Emerging Markets’ category in 2013.
Visit us at www.mahindra.com