The $16.2-billion Mahindra Group plans to set up its second World City in Chennai in three-and-a-half-years’ time, for a total investment of Rs 4,000 crore. It set up the first Mahindra World City in Chennai some 10 years ago, which currently has over 62 global companies and 33,000 employees. Following that, it set up a World City in Jaipur.
Speaking to reporters on Wednesday, Sangeeta Prasad, CEO, integrated cities and industrial business, Mahindra Lifespace Developers, said the company is in the process of acquiring land in North Chennai for the proposed integrated business facility. “The total investment, including that from our side and the companies, would be Rs 4,000 crore. The facility will be chiefly consisting of domestic tariff area (DTA) rather than the SEZ as we are eyeing engineering and manufacturing companies. We have been getting feedback that foreign companies are eager to invest in Indian facilities for the long term. As per our initial estimates, the new facility would also create 33,000 jobs,” she said.