Mahindra sets up business township near Chennai

MUMBAI: Mahindra Industrial Park Ltd (MIPL) has set up a 1,450 acre business township on the outskirts of Chennai entailing a total investment of Rs 300 crore for land and basic infrastructure.
"Till now, Rs 175 crore has already been invested in the project and 800 acre of developed land is ready for occupation at the city, which will have business parks, IT city, housing, retail and leisure facilities", Mahindra & Mahindra president, infrastructure development sector, Arun Nanda said here on Wednesday.
The township would also have separate parks for garments, auto ancillary, biotech park, food processing zone, he said adding, thrust would be on export oriented industries, apart from IT and business process outsourcing entities.
MIPL has been promoted by Mahindra Group (50 per cent), Infrastructure Leasing and Financial Services Ltd (39 per cent) and Tamil Nadu Industrial Development Corporation Ltd (11 per cent) with the master planning done by Singapore-based JTC International, Nanda said.
Mahindra group has invested over Rs 100 crore so far in the project, which is to be inauguarated by Tamil Nadu chief minister Jayalalithaa on Friday, he added. Nanda said the loan component for the project was Rs 60 crore.
Mahindra Infrastructure Developers Ltd general manager P G Ganapathy said it was estimated that the city would attract investment of $1.5 billion in first five years.