Mahindra Lifespace to develop 3,000 cr ind park in Gujarat

Mahindra group’s realty firm Mahindra Lifespace Developers earlier this week announced its foray in Gujarat. It will develop a 350-acre industrial park near Ahmedabad that could entail an investment of Rs 3,000 crore from the company and units to be established.

The company has signed an MoU with the Gujarat government in this regard and the proposed industrial park is expected to create direct and indirect employment for about 12,000 persons, when fully operational, Mahindra Lifespace said in a statement.

“The proposed new industrial park marks Mahindra Lifespaces’ foray into Gujarat and is being planned to cater to non-polluting industries,” it said.

“Estimated total investment of Rs 3000 crore by the company and its customers,” the company said.

The proposed multi-product industrial park will be developed under the aegis of Gujarat Industrial Policy 2015.

Mahindra Lifespace Developers Ltd, the real estate and infrastructure development business of the $17.8 billion Mahindra Group, has residential and commercial development footprint of 13.15 million sq ft of completed projects and 9.60 million sq ft of ongoing and forthcoming projects. 

Square Yards raises 10 m more from multiple investors

Online to offline (O2O) real estate transaction player, Square Yards has raised $10million investment in the form of convertible notes from multiple individual investors primarily based outside India. The notes are issued for a fixed term at a pre-determined coupon rate and with an option to convert into equity (at a discount) on reaching the next funding milestone.

Combined with the recently announced $12 million equity funding from the private equity arm of Anil Ambani-led Reliance Group, the new investment takes the total amount of funds raised by the company to approximately $33 million since its inception in 2013.

Tanuj Shori, Founder & CEO, Square Yards, said, “We wanted to maintain a healthy mix in our balance sheet without diluting too much of equity at this stage of our growth. The new financing would help us accelerate our expansion into newer international geographies and at the same time strengthen our existing distribution network in 10+ countries.”

— Agencies