Mahindra Lifespace rises on announcing JV with Actis

6 Oct 2022 , 11:28 AM

Under the joint venture platform, the companies will acquire upto 100 acre of land with ready infrastructure in the two Mahindra World Cities, offering a built-up potential of over two million square feet, subject to requisite approvals. 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, said the company. Arvind Subramanian, managing director & CEO of Mahindra Lifespaces, said, ?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.? Ashish Singh, partner and head of India and SE Asia Real Estate at Actis, said, ?Actis sees enormous growth potential in the sector as India grows to become the third largest consumption economy globally by the turn of this decade. The demand for industrial real estate is on the rise as India benefits from a renewal of domestic capital investment cycle, realignment of global supply chains in many sectors and as the Governments PLI schemes catalyse more and more investment in manufacturing locally. Yet, there is need for more dependable real estate solution providers and institutional owners in this sector. Actis is excited to partner with Mahindra Lifespaces to invest in the development of modern and sustainable warehousing and industrial space in India which will improve logistics efficiency and support industrial growth, both key focus areas for the Government.? Mahindra Lifespace Developers (MLDL), a wholly owned subsidiary of Mahindra & Mahindra is one of the leading real estate development companies in India. The company is engaged in the development of residential projects and large formats developments such as integrated cities and industrial clusters. The company reported a consolidated net profit of Rs 75.41 crore as against a net loss of Rs 13.87 crore in Q1 FY23 over Q1 FY22. Net sales declined 36.2% YoY to Rs 94.55 crore in Q1 FY23. Powered by Capital Market – Live News