Mahindra Lifespaces scouting distressed SEZ developments

Mahindra Lifespaces, a real estate company from the Mahindra & Mahindra group, has lined up an aggressive expansion.

It is planning four new big projects that will be based on its Mahindra World City
format, two of which are expected to be launched by March 2014.

The company has started land acquisition in Maharashtra and in some other states and is also in talks with a few troubled SEZ developers for acquisition of such projects. Each new project requires 2,000-3,000 acre of undisputed land.

Arun Nanda, chairman, Mahindra Lifespaces, said the company is eyeing inorganic growth for expansion of its Mahindra World City format.

It is in talks with few troubled SEZ developers for acquisition of SEZ projects.
On the funding part, the company is taking a three-pronged approach.

It will utilise most of the qualified institutional placement proceeds of Rs 400 crore, which are expected to come in November.

It is also exploring private route for funding. Thirdly, it may form a joint venture with owner of troubled SEZ.

Mahindra Lifespaces operates two Mahindra World City projects, in Jaipur and Chennai.

This format is known for high-class infrastructure with plug and play facilities for companies to set up plants or to start business.