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Mahindra Lifespaces partners with Ayala of Phillipines for
worldclass residential community development at Mahindra World
City, New Chennai
Mumbai April 21, 2008: Mahindra Lifespace Developers Ltd. (MLDL)
the real estate
and infrastructure development arm of the Mahindra Group today
announced theinking of a joint venture agreement for residential
development between its
subsidiary company, Mahindra Residential Developers Ltd (MRDL)
and the privateequity real estate fund, ARCH Capital Asian
Partners, L.P., managed by ARCH Capital
Management Company Limited, an affiliate of Ayala Land, the
Philippines largest andmost trusted real estate brand, and Ayala
Corporation.
The joint venture will undertake the development of a gated
residential community
together with support, retail and recreational facilities in
approximately 55 acreswithin Mahindra Lifespaces pioneering Special
Economic Zone (SEZ) at MAHINDRA
WORLD CITY, NEW CHENNAI.
Mahindra World City is Indias first integrated business city
developed by the
Mahindra Group and Tamil Nadu Industrial Development Corporation
(TIDCO).Spread over 1500 acres in the outskirts of Chennai near
Chenglepet, Mahindra WorldCity has three sector-specific SEZs for
Information Technology, Auto Ancillaries, and
Apparel & Fashion Accessories. The leading Indian and
multi-national companies atMahindra World City include BMW, B
Braun, Cap Gemini, Infosys, Renault Nissan,
Mindtree, Timken, TVS Group, Tech Mahindra and Wipro. Mahindra
World City isexpected to have a working population of 100,000
people by 2015 with current
employment at close to 10,000 persons.
Mahindra World City is being developed as an integrated township
with the theme ofLive Learn - Work - Play. Its master plan for the
residential and social
infrastructure zone, developed by world renowned planners and
architects, M/S HOK,has already won 2 international awards for the
quality of its master plan.
The Mahindra World School, a strong and high-quality support
system for the
residents of Mahindra World City is expected to commence
operations at MahindraWorld City from the Academic Year starting
June 2008. Mahindra Lifespaces first
residential project, Sylvan County, at Mahindra World City has
been hugelysuccessful and this will be followed shortly by the
development to be taken up by the
new joint venture with the Ayala Group.
Mahindra Residential Development Limited, the joint venture
entity, will be 51%owned by the Mahindra group and 49% by an ARCH
Capital controlled investment
vehicle. The residential development will offer an exclusive
community of around 750
residential units with sprawling green spaces and large
community interaction zones.
The development will be master-planned and designed by acclaimed
internationalplanners and architects with amenities, development
standards and a greenenvironment that would set new benchmarks in
the Indian context.
Arun Nanda, Executive Director Mahindra & Mahindra Ltd.
(Vice Chairman,Mahindra Lifespace Developers Ltd.), announcing the
venture said, The Mahindra
Group has demonstrated the vision and the ability to build a
world class SEZ inMahindra World City. This will now be ably
supported with living infrastructure built
to international standards. Our partnership with Ayala,
Philippines leading real estate
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developer, heralds the beginning of a relationship that will
combine the marketingand property development skills of Mahindra
Lifespaces with the project
management and execution expertise of Ayala.
Richard Yue, CEO of Arch Capital Management Company added, We
areextremely pleased with this joint venture with the Mahindra
Group and are confident
that the combined strengths of ARCH Capitals investment
platform, Ayalas realestate track record, and Mahindras established
reputation and market position willpave the way for further
cooperation and future success.
About Mahindra Lifespace Developers LtdMahindra Lifespace
Developers Ltd (previously known as Mahindra Gesco Developers Ltd)
has been in theforefront of real estate development in the country.
A part of the US $ 6 billion Mahindra Group, thecompany enjoys a
reputation of delivering quality living spaces that not only offer
its customers healthy livingbut also the comfort of fair and
transparent dealings backed by the trust and credibility of the
MahindraGroup. The company has developed premium residential and
commercial properties in Mumbai, Pune, Delhiand Chennai besides
being the pioneer in the SEZ space.
About AyalaAyala Corporation is one of the largest conglomerates
in the Philippines with businesses in real estate,
financial services, telecommunications, and a broad range of
investments in water distribution, electronics,automotive
dealerships, and overseas real estate operations.
Ayala Land, Inc. is the largest and most trusted real estate
developer in the Philippines, with over 80 yearsof experience in
the master planning, development and marketing of large-scale
communities. Ayala Land issynonymous with quality and prestige and
the company maintains leadership across all product lines
residential subdivision and condominium, shopping centers, office
buildings and across a broad spectrumof price points and geographic
locations.
About The Mahindra GroupThe US $6 billion Mahindra Group is
among the top 10 industrial houses in India. Mahindra &
Mahindra isthe only Indian company among the top tractor brands in
the world. Mahindras Farm Equipment Sector hasrecently won the
Japan Quality Medal, the only tractor company worldwide to be
bestowed this honour. Italso holds the distinction of being the
only tractor company worldwide to win the Deming Prize. Mahindra
is
the market leader in multi-utility vehicles in India. It made a
milestone entry into the passenger car segmentwith the Logan.
The Group has a leading presence in key sectors of the Indian
economy, including the financial services,trade and logistics,
automotive components, information technology, and infrastructure
development.With over 62 years of manufacturing experience, the
Mahindra Group has built a strong base in technology,engineering,
marketing and distribution which are key to its evolution as a
customer-centric organization.The Group employs over 50,000 people
and has several state-of-the-art facilities in India and
overseas.
The Mahindra Group has ambitious global aspirations and has a
presence on five continents. Mahindraproducts are today available
on every continent except Antarctica. M&M has one tractor
manufacturing plantin China, three assembly plants in the United
States and one at Brisbane, Australia. It has made
strategicacquisitions across the globe including Stokes Forgings
(UK), Jeco Holding AG (Germany) andSchoneweiss & Co GmbH
(Germany). Its global subsidiaries include Mahindra Europe Srl.
based in Italy,
Mahindra USA Inc. and Mahindra South Africa.
M&M has entered into partnerships with international
companies like Renault SA, France, and InternationalTruck and
Engine Corporation, USA. Forbes has ranked the Mahindra Group in
its Top 200 list of theWorlds Most Reputable Companies and in the
Top 10 list of Most Reputable Indian companies. Mahindrahas
recently been honoured with the Bombay Chamber Good Corporate
Citizen Award for 2006-07.
