Mahindra Lifespace Developers Ltd. (MLDL), the real estate and infrastructure development company of the Mahindra Group, has forayed into industrial clusters with two projects in north Chennai and Ahmedabad under the brand name Origins. The projects will provide land and infrastructure to industrial units to start production in nine to 12 months.
Land acquisition
The company, which runs two Mahindra World Cities in Chennai and Jaipur in (public-private partnership) PPP model, had acquired land from private parties to set up these industrial clusters which are expected to create jobs for youth.
The first project is coming up in north Chennai on NH-16 in the Gumidipoondi region on the Chennai-Kolkata highway. This will be a 60:40 joint venture between Mahindra World City and Sumitomo Corporation of Japan. In the first phase 264 acres is being developed and this can expand to 500 acres in due course, said company officials.
Japanese hi-tech companies supplying components to local industry and those keen to set up export hubs are expected to operate from this cluster which is already in development stage. The second project located near Ahmedabad on NH 8A on the Ahmedabad-Rajkot Highway is being developed with International Finance Corporation (IFC), which is a strategic partner with MLDL. Both partners have equal stake in this project, which will come up on 268 acres in the first phase. Another 130 acres may be added in the next phase.
MLDL has invested ₹600 crore in land acquisition and development of infrastructure. Land allotment will commence shortly, officials said.
These industrial clusters are expected to create 20,000 direct jobs apart from attracting investment to these regions. Companies across engineering, medical equipment, food processing, packaging and logistics sectors would come up at these clusters, officials added.
“We have decided to go for small industrial clusters because land acquisition has become a major problem today. We have created a platform from where jobs can be created. Our new brand Origins by Mahindra World City will create world class urban infrastructure in India and attract investment,” said Arun Nanda, chairman, MLDL.
The company has plans to set up more such industrial clusters on an area of 250 to 600 acres each located in high growth corridors in the country.
“Our vision is to develop a pan India network of robust manufacturing ecosystems, where business can thrive. These industrial clusters will support the shift towards development beyond current urban centres,” said Anita Arjundas, MD, MLDL.
Sangeeta Prasad, CEO, Mahindra World City, said that companies that set up operations at the two clusters were expected to invest about ₹4,000 crore. She said these corridors would enable a faster go to market for both domestic and foreign companies by way of clear land titles, plug and play infrastructure, and business support services.
