Mahindra Lifespace rallies 4% as arm signs MoU for building industrial park

NEW DELHI: Shares of Mahindra Lifespace Developers jumped nearly 4 per cent after the company said one of its wholly-owned subsidiaries has signed a memorandum of association (MoU) with the Gujarat government to establish a 350 acre industrial park near Ahmadabad.

“The proposed new industrial park marks Mahindra Lifespaces’ foray into Gujarat and is being planned to cater to the non-polluting industries,” the company said.

“The total investment by the company is estimated to be Rs 3,000 crore," it added.

The stock rose 3.63 per cent to hit a high of Rs 371.45 on BSE.

The proposed industrial park is expected to create direct and indirect employment for about 12,000 persons, when fully operational, the company said in a statement.

The proposed multi-product industrial park will be developed under the support of Gujarat Industrial Policy 2015.