Thursday, Feb 29 2024 | Time 06:59 Hrs(IST)
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Business Economy


Mahindra Lifespaces forms JV with Actis

Mumbai, Oct 6 (UNI) Mahindra Lifespace Developers Ltd, the real estate and infrastructure development arm of the Mahindra Group, on Thursday said it has entered into an agreement with Actis, a leading global investor in sustainable infrastructure, to establish a Joint Venture Platform for developing industrial and logistics real estate facilities across India.
Up to 100 acres of land with ready infrastructure in the two Mahindra World Cities, offering a built-up potential of over two million square feet, has been earmarked as seed sites to be acquired and developed by the Joint Venture Platform over time, subject to requisite approvals.
The joint venture will also simultaneously acquire and develop other greenfield and brownfield sites in key markets across India, aiming to become a leading real estate solutions provider to global and local corporations.
The total investment in the business over the initial years, including debt, is estimated to be Rs 2,200 crore.
Actis will own a majority stake, and Mahindra Lifespaces will have a significant minority. Industrial and warehousing have emerged as a high-growth real estate asset class buoyed by rising consumer demand and accelerating manufacturing investment.
Arvind Subramanian, Managing Director and CEO, Mahindra Lifespaces, said: “We are witnessing strong and accelerating demand for Grade A warehousing and manufacturing facilities from both multinational and Indian clients.
"With our experience in building and operating thriving integrated cities and industrial parks and our ready-to-market plug-and-play infrastructure in Mahindra World Cities in Chennai and Jaipur, we are well-positioned to cater to this demand."
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