Sumitomo Corporation expanding Phase 2 of Origins Chennai Industrial Park in India
General

Sumitomo Corporation expanding Phase 2 of Origins Chennai Industrial Park in India

s more than 20 companies have already expressed interest in the expanded area

  • By ICN Bureau | December 16, 2024

Sumitomo Corporation and Mahindra World City Developers Private Limited are jointly operating Origins Chennai Industrial Park near Chennai, Tamil Nadu, India. Following the first phase (approximately 124 hectares), the park will expand the development site by approximately 57 hectares in the second phase, with sales to begin in 2025.

The industrial park is located 37 kilometers (approximately an hour's drive) north of the center of Chennai, the capital of Tamil Nadu state in southern India, along National Highway 16. With support from both the Japanese and Indian governments, nearby and on-site substations, as well as access roads to the national highway, have been developed, providing an industrial park with an environment in which tenant companies can operate with peace of mind.

Since the first phase of sales began in 2017, 15 companies (including six Japanese companies) have now moved in, and the decision has been made to develop the second phase to secure more sales plots, with sales to begin in 2025. As more than 20 companies have already expressed interest in the expanded area, far exceeding the area available for sale, the company is considering further development of a similar scale in parallel with the expansion, aiming to expand the development area to a total of approximately 250 hectares in the future. Speaking at the contract signing ceremony for the expansion, Amit, member of the Mahindra Group Executive Board and CEO of MWC, said, "We have built a great partnership with Sumitomo Corporation, and we would like to continue to maintain and improve this partnership while working to further expand this business."

According to estimates by the International Monetary Fund, India's GDP growth rate is expected to be 7 percent in fiscal year 2024. This trend is expected to continue beyond fiscal year 2025, making it one of the world's most notable economic nations. New companies are continuing to enter the country on the back of robust domestic demand due to population growth, and it is expected that the appetite for manufacturing investment in India will continue to grow.

Chennai, Tamil Nadu, where this industrial park is located, is attracting attention as a destination for the transfer of manufacturing and export bases due to its proximity to international ports and connectivity with Southeast Asia. In recent years, the number of auto parts and air conditioning manufacturers moving into the city has increased, and investment in semiconductors and electronic devices has also grown, indicating the high level of interest in Chennai.

Upcoming E-conferences

Other Related stories

Startups

Chemical

Petrochemical

Energy

Digitization