Mahindra Lifespace Developers and the World Bank Group member International Finance Corporation (IFC) have come together in a partnership with the purpose of developing strings of industrial parks across the states of Gujarat, Rajasthan and Maharashtra. Mahindra Lifespace Developers is the the real estate and infrastructure development wing of the Mahindra Group.
The partnership is looking to make investment across Mahindra Lifespace Developers’ existing and upcoming industrial park projects, with its first investment in an approximately 350-acre industrial park near Ahmedabad, the realty developer said in a release.
“Industrial parks or special economic zones are globally recognized as engines for economic growth and development. Development of these parks will attract private investments and provide a fillip to several flagship initiatives of government of India and create jobs,” said Jun Zhang, IFC Country Head for India. “Mahindra is a long-standing client and a strategic partner of IFC on climate change.”
Supporting the government’s ‘Make In India’ initiative, the proposed industrial parks will be located in areas that have significant potential for large-scale industrial infrastructure creation. These industrial parks will offer plug-and-play ecosystems encompassing world class infrastructure and utilities, to enable faster go-to-market for large businesses, while also making available critical manufacturing infrastructure for small and medium businesses.
“Sustainable industrial ecosystems are key enablers for attracting investment in manufacturing and fast-tracking infrastructure led development. Mahindra Lifespaces is delighted to partner with International Finance Corporation to drive this transformation agenda forward through a network of industrial clusters across the country,” said Anita Arjundas, Managing Director, Mahindra Lifespace Developers.
IFC has collaborated with Mahindra Lifespaces on carbon pricing and on green residential development. In continuation with this engagement, IFC will explore working with Mahindra Lifespaces and with the occupants of these industrial parks for the adoption of renewable energy under its ‘Eco-Assist’ program, the company said.