Mahindra World and Japan's Sumitomo form JV for industrial park in TN.

Marking its foray into industrial park space in India, Japan’s Sumitomo Corporation has formed a joint venture with Mahindra World City Developers Limited, a subsidiary of Mahindra Lifespace Developers Limited (MLDL), to set up an industrial park in North Chennai (the NH5 corridor).

Mahindra World City Developers Limited will own 60 percent in the new JV, Mahindra Industrial Park Chennai Limited, which envisions investment of about Rs. 375 crores.

Companies expect the new industrial park to become one of the key enablers to catalyse the ‘Make in India’ initiative announced by the Government of India. The expertise of the Mahindra Group and Sumitomo Corporation in developing world class industrial parks will provide an impetus to this 'Make in India' initiative. The proposed industrial park, spread over 300 acres, is expected to fulfil that requirement and help India emerge as a manufacturing destination for more MNCs.

Akito Shiraishi, general manager, overseas industrial park department, Sumitomo Corporation, said 'This will be our first venture in the industrial park space in India. We are encouraged by the proactive stance of the Government at the Centre and we see a lot of potential for this venture attracting investments of the right pedigree, and being an extremely successful venture.

Tamil Nadu is one of the most preferred destinations for Japanese investors in India, with over 557 Japanese companies having already setup their facilities in the state.


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