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Mahindra Lifespace, part of USD 16.2 billion Mahindra Group, has entered into a joint venture arrangement with SCM Real Estate (Singapore) Pvt Ltd, an investment arm of Standard Chartered Bank.
Mahindra Lifespace and SCM would have an equal stake in the JV. "The proposed developments will be undertaken through Watsonia Developers Pvt Ltd, in which both Mahindra Lifespace and SCM will hold equal stake. The combined investment commitment is approximately Rs 1,000 crore over multiple projects," company said in a filing to the BSE.
The first two projects under this JV will be for premium housing in Bangalore and Gurgaon. "Our association with Standard Chartered Bank marks an important milestone for us with a partner who is equally committed and optimistic about the opportunities for sustainable residential developments in India," Mahindra Lifespace Developers MD and CEO Anita Arjundas said.
Mahindra Lifespace is present in nine cities -- Mumbai, Pune, Nagpur, Gurgaon, Faridabad, Jaipur, Chennai, Hyderabad and Bangalore.
It has already developed 8.3 million sq ft and has over 11.3 million sq ft of ongoing and future projects, including 1.55 million sq ft development by the JV. The projects developed by the JV would be marketed under the Mahindra Lifespace brand, the statement said.
The company had posted a net profit of Rs 97.49 crore over revenue of Rs 351.52 crore in 2012-13 fiscal. Its scrip closed at Rs 445.85 on BSE, down 0.81 percent.
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