Friday, 13 January 2017

Mahindra Life to set up industrial park in Gujarat; shares up 3%

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Shares of Mahindra Lifespace Developers added 3.6 percent intraday Friday as it has signed a memorandum of understanding (MoU) with the government of Gujarat to set up an industrial park near Ahmedabad with a total investment of Rs 3000 crore. "The company has signed an MoU with the Government of Gujarat, through a 100 percent subsidiary, to establish a 350-acre (approximately), multi-product industrial park near Ahmedabad," as per company release. 

"The proposed new industrial park marks Mahindra Lifespaces’ foray into Gujarat and is being planned to cater to non-polluting industries," it added. The industrial park is expected to create direct and indirect employment for about 12,000 persons, when fully operational.

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