Mahindra Lifespaces and IFC partner for industrial infrastructure development
Mahindra Lifespace Developers Ltd (MLDL), the real estate and infrastructure development arm of the Mahindra Group, and International Finance Corporation (IFC), a member of the World Bank Group, have announced a partnership for the development of multiple industrial parks across Gujarat, Rajasthan and Maharashtra.
The partnership envisages investment across Mahindra Lifespaces’ existing and upcoming industrial park projects, with its first investment in an approximately 350-acre industrial park near Ahmedabad.
Mahindra Lifespaces’ expertise in establishing successful integrated cities that promote industrial growth, attract investment, contribute to job creation and boost the economic and social development of surrounding communities, when combined with IFC’s focus on private sector development through patient/long-term capital and global expertise, will help create high-quality business infrastructure for small and medium enterprises and corporates, and promote strong growth in these regions.
The proposed industrial parks will provide impetus to the ‘Make in India’ initiative, and will be located in areas that have significant potential for large-scale industrial infrastructure creation. These industrial parks will offer plug-and-play ecosystems encompassing world class infrastructure and utilities, to enable faster go-to-market for large businesses, while also making available critical manufacturing infrastructure for small and medium businesses. Moreover, each development will focus on inclusive growth for local communities via multiple initiatives such as vocational skill training, self-help groups for women, etc. Developments undertaken by the partnership are expected to augment the local manufacturing ecosystem in each region.
“Industrial parks or special economic zones are globally recognized as engines for economic growth and development. Development of these parks will attract private investments and provide a fillip to several flagship initiatives of government of India and create jobs,” said Jun Zhang, IFC Country Head for India. “Mahindra is a long-standing client and a strategic partner of IFC on climate change.”
Anita Arjundas, Managing Director, Mahindra Lifespace Developers Ltd said, “Sustainable industrial ecosystems are key enablers for attracting investment in manufacturing and fast-tracking infrastructure led development. Mahindra Lifespaces is delighted to partner with International Finance Corporation to drive this transformation agenda forward through a network of industrial clusters across the country.”
Sangeeta Prasad, CEO, Integrated Cities and Industrial Clusters, Mahindra Lifespace Developers Ltd, added, “Our endeavour has always been to provide a customer effective ecosystem for businesses and individuals to thrive. We are delighted to partner with IFC for strengthening the growth of our Integrated Cities and Industrial Clusters business. We strongly believe that the synergies between us will deliver greater customer value.”
IFC has collaborated with Mahindra Lifespaces on carbon pricing and on green residential development. In continuation with this engagement, IFC will explore working with Mahindra Lifespaces and with the occupants of these industrial parks for the adoption of renewable energy under its ‘Eco-Assist’ program.
Nomura Financial Advisory & Securities (India) Pvt. Ltd. was the sole financial advisor to MLDL for this transaction.
@EPC World Media