Mahindra World City (MWC), Jaipur, has inked an agreement with JCB India, the global leader in construction equipment, to set up a manufacturing plant in 70 acres within Mahindra World City, Jaipur. MWC is a 74:26 joint venture (JV) between Mahindra Lifespace Developers, the real estate and infrastructure development arm of the $15.4 billion Mahindra Group, and the Rajasthan State Industrial Development and Investment Corporation (RIICO, an agency of the Government of Rajasthan).
The signing of the agreement marks the beginning of a new expansion phase for JCB India, India’s largest manufacturer of construction equipment. The total investment for this new manufacturing facility, which will be JCB’s fourth factory in India, will be to the tune of Rs 500 crore. JCB India currently operates three factories in the country; one in Ballabgarh, Haryana near New Delhi and two in Pune.
Mahindra Lifespace Developers (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.