NEW DELHI: Mahindra World City Developers (MWCDL), a subsidiary of Mahindra Lifespace Developers (MLDL), Sumitomo Corporation and and Mahindra Industrial Park Chennai (MIPCL), subsidiary of MWCDL has executed a supplemental joint venture agreement for expanding the existing industrial park in Tamil Nadu.
The joint venture partners i.e. shareholders of MIPCL will invest approximately Rs 225 crore towards development of the project. The infusion of capital shall be undertaken in the same proportion as per the existing shareholding of the joint venture partners.
MIPCL currently spans over 307 acres. This new phase will also focus on the acquisition and development of land and associated infrastructure to establish an advanced industrial ecosystem.
MLDL holds 89% of total equity share capital of MWCDL (a 89:11 joint venture between the company and Tamil Nadu Industrial Development Corporation [TIDCO]). MWCDL holds 60% of total equity shareholding of MIPCL and the balance 40% is held by Sumitomo Corporation, Japan.
