Mahindra Lifespaces, Actis announce joint venture to develop industrial and logistics real estate across India ; Actis to hold majority stake
Biznextindia : Mahindra Lifespace Developers Limited, the Mahindra Group’s real estate and infrastructure arm, on Thursday announced that it had signed a joint venture (JV) agreement with Actis, a major international investor in sustainable infrastructure, to build industrial and logistics real estate facilities across India. The Joint Venture Platform has designated up to 100 acres of land in the two Mahindra World Cities with ready infrastructure and a built-up potential of over two million square feet as seed sites that will be bought and developed over time, subject to required clearances.
The Joint Venture will also simultaneously acquire and develop other greenfield and brownfield sites in key markets across India, aiming to become a leading real estate solutions provider to global and local corporations. The total investment in the business over the initial years, including debt, is estimated to be Rs 2,200 crore. Actis will own a majority stake, and Mahindra Lifespaces will have a significant minority. Industrial and warehousing have emerged as a high-growth real estate asset class buoyed by rising consumer demand and accelerating manufacturing investment.
The National Logistics Policy announced recently by the Prime Minister is expected to give a further fillip to investments in the sector.
“We are witnessing strong and accelerating demand for Grade A warehousing and manufacturing facilities from both multinational and Indian clients. With our experience in building and operating thriving integrated cities and industrial parks and our ready-to-market plug-and-play infrastructure in Mahindra World Cities in Chennai and Jaipur, we are well-positioned to cater to this demand. We look forward to combining the expertise of both partners in infrastructure development and asset management and contributing to the vision of ‘Atmanirbhar Bharat’” Arvind Subramanian, Managing Director and CEO, Mahindra Lifespaces, said.