Joint Venture28 May 2025, 07:12 pm
Mahindra Lifespace Developers Executes Sale Deed for Transfer of Land to Subsidiary for Industrial Park Development
AI Summary
Mahindra Lifespace Developers Ltd. has executed a Sale Deed for transfer of 8.55 acres of land from its material subsidiary, Mahindra World City Developers Limited (MWCDL), to another step-down and material subsidiary, Mahindra Industrial Park Chennai Limited (MIPCL). This transfer is in accordance with the Supplemental Joint Venture Agreement (JVA) executed on November 22, 2024, for expanding an existing Industrial Park in the state of Tamil Nadu, India. MWCDL holds 89% of total equity share capital of MIPCL, and the JV partners have committed an infusion of around Rs. 225 crores towards the development of the Project.
Key Highlights
- Execution of Sale Deed between Mahindra World City Developers Limited and Mahindra Industrial Park Chennai Limited
- Transfer of 8.55 acres of land for development of the Project
- Supplemental Joint Venture Agreement between MWCDL, Sumitomo Corporation, Japan and MIPCL
- MWCDL holds 89% of total equity share capital of MIPCL
- JV partners have committed an infusion of around Rs. 225 crores towards the development of the Project