MahindraLifespace Developers Ltd said it has entered into an agreement with Actis, a global investor, to establish a joint venture platform for developing industrial and logistics real estate facilities across India.
Up to 100 acres of land with ready infrastructure in the two Mahindra World Cities, offering a built-up potential of over two million square feet, has been earmarked as seed sites to be acquired and developed by the platform over time, subject to requisite approvals.
The JV platform 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 ₹2,200 crore, the companies said in a joint statement.
Actis will own a majority stake and Mahindra Lifespaces a significant minority stake, the statement added.
