Mahindra World City, Sumitomo form JV for industrial park in Chennai

Mahindra World City Developers Ltd, a subsidiary of Mahindra Lifespace Developers and Japan’s Sumitomo Corporation formed a joint venture to set up an industrial park in Chennai.
Commenting on the occasion 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.” Masahiro Narikiyo, Chairman and Managing Director, Sumitomo Corporation India 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” Anita Arjundas, MD and CEO, Mahindra Lifespace Developers said, “While it is our maiden venture together, the experience of both the Mahindra Group and Sumitomo Corporation in this space will certainly create an industrial park which will attract companies from across the world to set up their facilities in an enabling environment. The joint venture is poised to reap the benefits of best practices from both the groups.” Sangeeta Prasad, CEO, Integrated Cities and Industrial Clusters, Mahindra Lifespace Developers said, “We are confident that this JV with Sumitomo will give an impetus to companies, especially those from Japan, to set up a base in our park.”

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