Mahindra Lifespace's arm joins hands with Sumitomo Corp

The Joint Venture Agreement originally signed in 2015, with Sumitomo Corporation was further strengthened through a Supplemental Agreement which involves an investment of approximately Rs 225 crore by MWCDL and Sumitomo Corporation, Japan in Mahindra Industrial Park Chennai (MIPCL), in proportion of their existing shareholding. This new phase will also focus on the acquisition and development of land and associated infrastructure to establish an advanced industrial ecosystem.

The Company holds 89% of total equity share capital of MWCDL (a 89:11 Joint Venture between the Company and Tamil Nadu Industrial Development Corporation [TIDCO]). Further, MWCDL holds 60% of total equity shareholding of MIPCL and balance 40% is held by Sumitomo Corporation, Japan

Amit Kumar Sinha, managing director & CEO, Mahindra Lifespace Developers, said, ''At Mahindra Lifespaces, we take pride in developing industrial clusters and integrated cities that drive economic growth and support businesses. The partnership with Sumitomo Corporation, reflects our commitment to fostering progress and enabling industries to thrive sustainably.'

Mahindra Lifespace Developers is the real estate and infrastructure development arm of the Mahindra Group. The company's development footprint spans 35.06 million square feet of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters across four locations.

The company reported consolidated net loss of Rs 14.01 crore in Q2 FY25 as compared with net loss of Rs 18.93 crore in Q2 FY24. Revenue from operations declined 57.18% YoY to Rs 7.61 crore in Q2 FY25.

The counter advanced 1.40% to settle at Rs 461.20 on Friday, 22 November 2024.