Actis And Mahindra Lifespace to set up a joint venture

Actis has agreed to set up a joint venture (JV) with Mahindra Lifespace Developers Limited to develop industrial and logistics real estate facilities in India. In the initial years, both parties will invest Rs 22 billion, including loans. Actis will own a majority stake in the business, while Mahindra Life­space and its affiliates may hold between 26 per cent and 40 per cent of the equity. The JV will acquire and develop both greenfield and brownfield sites in India’s key markets. Both partners have earmarked about 100 acres of land across two Mahindra World Cities in Chennai and Jaipur, which offer a built-up potential of over 2 million square feet, which the JV will acquire as seed assets.