Mahindra Lifespace rises as its arm inks JV pact with Sumitomo Corporation for New Industrial Park

29 May 2015

Mahindra Lifespace Developers is currently trading at Rs. 459.90, up by 5.30 points or 1.17% from its previous closing of Rs. 454.60 on the BSE.

The scrip opened at Rs. 460.00 and has touched a high and low of Rs. 468.20 and Rs. 456.60 respectively. So far 2447 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 659.00 on 31-Jul-2014 and a 52 week low of Rs. 425.50 on 02-Jun-2014.

Last one week high and low of the scrip stood at Rs. 468.75 and Rs. 448.00 respectively. The current market cap of the company is Rs. 1886.69 crore.

The promoters holding in the company stood at 50.83% while Institutions and Non-Institutions held 30.17% and 18.89% respectively.

Mahindra World City Developers (MWCDL), a subsidiary of Mahindra Lifespace Developers (MLDL) and Sumitomo Corporation (SC) signed a Joint Venture (JV) agreement to set up an Industrial Park in North Chennai (the NH5 corridor).

One of the key enablers to catalyze the ‘Make in India’ initiative announced by the Government of India is the requirement for ready to use, quality infrastructure. The expertise of the Mahindra Group and Sumitomo Corporation in developing world class industrial parks will provide an impetus to this ‘Make in India’ initiative. The proposed Industrial Park will fulfill that requirement and help India emerge as a manufacturing destination for more MNCs.

MLDL is the real estate and infrastructure development subsidiary of Mahindra & Mahindra (M&M). At present, M&M holds 51% of the equity share capital of MLDL. MLDL has two main lines of businesses - standalone real estate development and development of integrated business cities.

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