Business

Mahindra World City expects Rs 500-600 crore investment in next 2 years

Mahindra World City, an integrated city set up by $ 16.5 billion Mahindra Group and Tamil Nadu Industrial Development Corporation (TIDCO) near Chennai, is expecting to attract around Rs 500-600 crore investments in the next two years. Export from this integrated city is expected to reach around Rs 10,000 crore by 2017-18.

Mahindra World City Developers Ltd (MWCD) today launched MWC Club inside the city as part of creating social infrastructure for the customers. The club was inaugurated by Pawan Goenka, executive director of Mahindra & Mahindra Ltd and Raman Ramachandran – head South Asia and CMD of BASF India.

Speaking at the sidelines of the inauguration Anita Arjunadas, managing director and chief executive officer, Mahindra Lifespace Developers said so far the city had attracted investments worth around Rs 4,000 crore, from Mahindra Group and private companies. The integrated city spread over in around 1,550 acres of land at Maraimalai Nagar, around 45 kms from Chennai.

Exports from Mahindra World City has increased to around Rs 8,000 crore this year, she said, from Rs 4,500 crore in 2011-12.

S Chandru, chief operating officer, Mahindra World City Developers Ltd added that 49 companies are operational inside the city and another 15 are expected to start operations over the next 1.5 years to 2 years. These companies, which are mostly manufacturing, are expect to invest around Rs 500-600 crore and would create around 2,800-3000 jobs.

Currently around 30,000 people are working inside the integrated city and they are predominantly working for IT companies including Infosys, Ascendas, Wipro, Capgemini, Mastek and others.

He added, exports from the business city is expected to be around Rs 8,280 crore in 2014-15 as compared to around Rs 7,200 crore in 2013-14 and by 2017-18 export is expected to touch around Rs 10,000 crore. Cumulative investment has crossed around Rs 30,000 crore, he noted. The city started operations 12 years ago.

IT exports accounts nearly 75% of the exports from the integrated city, he said.