Rs 800 Crore Investment in Chennai: Actis-Mahindra Lifespaces Joint Venture to Develop Industrial and Logistics Park

Ample Parks, a joint venture between Mahindra Lifespaces Developers Ltd and private equity firm Actis, has taken a significant step towards the development of an integrated industrial and logistics park in Chennai. The joint venture, established in 2022, aims to create industrial and logistics infrastructure across India, with a focus on greenfield and brownfield developments.

The acquisition of a 70-acre land parcel at the Mahindra World City marks the first milestone for Ample Parks. The real estate developer plans to invest as much as Rs 800 crore to transform the Chennai land into a state-of-the-art facility, encompassing approximately 2 million square feet of industrial and logistics warehousing. This strategic location within the thriving industrial ecosystem of Chennai offers great potential for growth and expansion.

Raghvendra Chandak, the director of real estate at Actis, expressed enthusiasm for the project, stating, “This is a great first step for Ample Parks to develop this project at a strategic location in the thriving industrial ecosystem in Chennai.” The collaboration between Actis and Mahindra Lifespaces positions Actis as the majority stakeholder in Ample Parks, with Mahindra Lifespaces holding a significant minority stake.

Akash Rastogi, CEO and Director at Ample Parks, highlighted the positive impact of government initiatives such as the “Make In India” campaign and the “Production Linked Incentive (PLI) scheme,” as well as the ongoing decentralization of manufacturing capacity from China. Rastogi believes that these factors will greatly enhance manufacturing and logistics prospects in India. The first project by Ample Parks will offer approximately 2 million square feet of Grade A industrial development, providing plug-and-play facilities and bespoke built-to-suit solutions for a diverse range of customers. Sustainability is a key aspect of this development, enabling businesses to operate efficiently while minimizing their environmental impact.

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The joint venture between Actis and Mahindra Lifespaces aims to develop more than 16 million square feet of industrial and logistics space in the coming years. Over the next 5-7 years, the joint venture plans to invest up to $600 million, combining debt and equity, in various projects. This ambitious development plan will require the acquisition of approximately 750 acres of land.

Ample Parks also has plans to expand its presence beyond Chennai, targeting both tier 1 and tier 2 cities in India. The company aims to explore opportunities in cities such as Mumbai, Delhi NCR, Ahmedabad, Pune, and Kolkata, where there is a growing need for industrial and logistics supply chain assets. Furthermore, Ample Parks recognizes the strong growth potential in tier 2 cities such as Lucknow, Jaipur, Guwahati, and Nagpur, which offer significant expansion opportunities.

The Actis-Mahindra Lifespaces joint venture signifies a strategic collaboration to meet the increasing demands of India’s industrial and logistics sector. With a focus on sustainable development and a commitment to enhancing manufacturing and logistics prospects in the country, the joint venture aims to play a pivotal role in shaping the future of India’s industrial infrastructure.

Source By:- https://www.moneycontrol.com/