Mahindra unveils Grade logistics park in Chennai

Ample Parks, a joint venture between Mahindra Lifespaces and Actis launched its first Grade-A industrial and logistics park near Chennai. Mahindra Lifespaces is the real estate and infrastructure development arm of india’s Mahindra Group. The park spans 71 acres at the Mahindra World City, Singaperumal Koil near Chennai. With an estimated capital outlay of ₹8 billion ($93.4 million), it would help create 11,000 jobs and generate an annual revenue of ₹1.10 billion ($12.84 million). The park offers about 2.1 million sq ft for leasing and is uniquely positioned to meet the rising demand for premium industrial and logistics infrastructure, a company statement said. Half of power requirements of Ample Parks are met through renewable energy sources. “We aim to acquire and develop 10x the current land portfolio in 5-7 years across India through multiple projects,” Ample Parks chief executive officer and director Akash Rastogi said in the statement. Ample Parks also plans to strengthen its footprint in Mumbai, Delhi National Capital Region, Ahmedabad, Pune, Kolkata, Lucknow, Jaipur, Guwahati, and Nagpur, the company added.