Mahindra World City Developers Limited (MWCDL), a subsidiary of Mahindra Lifespace Developers Limited (MLDL) and Sumitomo Corporation (SC) signed a Joint Venture (JV) agreement to set up an Industrial Park in North Chennai (the NH5 corridor).

This was announced at a press conference in Mumbai by Anita Arjundas, MD & CEO, Mahindra Lifespace Developers Limited and Akito Shiraishi, General Manager, Overseas Industrial Park Department, Sumitomo Corporation.

One of the key enablers to catalyse the ‘Make in India' initiative announced by the Government of India is the requirement for ready to use, quality infrastructure. 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 will fulfill 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. 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.

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."

Masahiro Narikiyo, Chairman & Managing Director, Sumitomo Corporation India Private Limited said "We see the partnership with the Mahindra Group as a stepping stone toward more opportunities in this space. We would like to see the relationship with the Mahindra Group extend to other areas where there are synergies between the two groups."

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