Mahindra Lifespace Developers Ltd. on Wednesday announced that its joint venture company Mahindra Industrial Park Chennai Ltd. has executed a lease agreement with Mitsubishi Electric India Ltd. for around 52 acres of land at its industrial cluster in Chennai - Origins by Mahindra.

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Mitsubishi Electric, a electric and electronic equipment manufacturing major, will set up a manufacturing plant at Origins by Mahindra.

Mahindra Industrial Park Chennai Ltd. is a joint venture between Mahindra World City Developers Ltd. and Sumitomo Corporation of Japan.

Mahindra Lifespaces develops integrated cities and industrial clusters under the ‘Mahindra World City’ and ‘Origins by Mahindra’ brands.

The company is developing its industrial cluster Origins by Mahindra over 307 acres under the first phase in Chennai.

The Chennai cluster is strategically located on NH-16 (Part of Golden Quadrilateral). Origins by Mahindra has proximity to three major ports— Chennai Port, Ennore Port and Kattupalli Port.

Origins by Mahindra is also the first industrial cluster in Tamil Nadu to be awarded with the IGBC Green Cities' 'Platinum' rating.

Mahindra Lifespace Developers Ltd. is the real estate and infrastructure development arm of the Mahindra Group.

Last month the company transferred 9.24 acres of residential land to Alliance Group for the development of a multi-storey residential project under their brand, Urban Rise.

This project will be an addition to Mahindra World City’s existing residential and commercial offerings, a statement had said. MWC Chennai already houses 2,500 families spread across multi-format residential options ranging from value to the premium segment.

Shares of Mahindra Lifespaces ended 0.6 percent higher at Rs 357.65.

(Edited by : Rukmani Krishna)