- 25 Nov 2024
- ICICI Securities
MAHINDRA LIFE INVESTS 225 CRORE IN IC BUSINESS
News: Mahindra Lifespaces (MLDL), through its subsidiary Mahindra World City Developers Limited (MWCDL), announced the second phase of their Industrial Parks project in Tamil Nadu under the brand "Origins by Mahindra," in partnership with Sumitomo Corporation, Japan. The joint venture agreement signed in 2015 with Sumitomo Corporation was further strengthened with an investment of 225 crore by the two companies in Mahindra Industrial park Chennai Ltd. (MIPCL). The new phase will also focus on the acquisition and development of land and associated infrastructure to establish an advanced industrial ecosystem.
Views: The company’s business development momentum remained robust having recently executed JDA for a 37 acre land parcel in Bhandup Mumbai (development potential ~3.6 mn sft) along with recently added GDV of ₹1800 crore and ₹250 crore in Borivali Mumbai and Bengaluru during H1 which is in line with objective to grow 4-5x (₹8000-₹10000 crore) by FY28. The focus on expanding its overall scale of operation (strong launch pipeline ahead) and a comfortable balance sheet, lends us comfort.
Impact: Positive