Mahindra World City Invests Rs 1000 Cr in TN Expansion

Chennai, Jan 13 (PTI) Mahindra World City Developers Ltd has pledged investments to the tune of Rs 1,000 crore in Tamil Nadu over the next five years towards taking up expansion of its first industrial cluster -- Origins By Mahindra - Phase II project.

The company, part of the diversified conglomerate Mahindra Group, has signed a memorandum of understanding with the State government during the recently held Global Investors Meet.

As per the investment plans, about 2,000 new jobs were expected to be created in the region.

The investment comes alongside the launch of Origins by Mahindra- Phase II at Eliambedu Village in Chennai, which would be the platform for this investment, a company statement here said.

Spread across 307 acres, Origins by Mahindra has become a preferred industrial hub for several companies based out of Japan and Taiwan. It is located along NH-16 near Ponneri on the West of Chennai. Origins by Mahindra has also bagged the IGBC Green Cities Platinum rating, the statement said.

"As we expand our footprint with Origins by Mahindra-Phase-II, the integrated cities and industrial clusters vertical of Mahindra Lifespaces continue to accelerate business efficiency and improve go to market with plug and play infrastructure. Tamil Nadu's distinguished business environment further enhances our confidence in expanding our operations here," said Mahindra Lifespace Developers Ltd Managing Director and CEO, Amit Kumar Sinha.

"Mahindra Lifespaces has been an integral part of Tamil Nadu business landscape and we applaud the Government's commitment to further business growth in the state," he said.