Mahindra Lifespace, Actis Form JV for Industrial Parks - Chennai Project

New Delhi, Aug 5 (PTI) Realty firm Mahindra Lifespace Developers Ltd and Actis have formed a joint venture platform 'Ample Parks' for the development of industrial and logistics parks and will build their first 70-acre project in Chennai.

Actis, a leading global investor in sustainable infrastructure, and Mahindra Lifespace have formally launched a joint venture Ample Parks, an indian industrial and logistics real estate developer and operator, according to a company statement.

The joint venture (JV) Ample Parks aims to acquire and develop about 1.5 million square metres of greenfield and brownfield sites in key markets across India over the next few years.

The JV aims to establish itself as a leading industrial and logistics real estate solutions provider to global and local corporations.

Actis holds a majority stake in the joint venture, with Mahindra Lifespaces owning a significant minority stake.

The platform has been set up with a highly experienced management team, with Chief Executive Officer Akash Rastogi appointed to lead the company.

The business has completed its first acquisition, a prime 70-acre industrial land parcel within Mahindra World City, Chennai, to develop an integrated industrial and logistics park with institutional-grade buildings, the statement said.

Amit Sinha, Managing Director and Chief Executive Officer at Mahindra Lifespaces, said: "The launch of Ample Parks marks a significant milestone in our commitment to developing sustainable and world-class industrial infrastructure in India."

Mahindra Lifespace's development footprint spans 37.95 million square feet of completed, ongoing and forthcoming residential projects across seven Indian cities. It has over 5,000-acre of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters across four locations.