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Concluded an agreement with Mahindra World City Developers for additional development
Sumitomo Corporation has signed an agreement with Mahindra World City Developers Ltd. for the additional expansion development of the second phase of the Origins Chennai Industrial Park , which is jointly developed and operated by MWC. Approximately 124 hectares of the first phase have been completed, and approximately 57 hectares of the second phase's initial plots are currently under development and sale. This agreement formally confirms the additional expansion development of approximately 38 hectares adjacent to the second phase's initial plots. With this additional expansion, the total development area of the Industrial Park is expected to reach approximately 220 hectares.
Since the start of sales for the first phase in 2017, 19 companies (including 9 Japanese companies) have moved in, and approximately 90% of the first and second phase initial plots have been sold or reserved. Due to strong demand in India, we have decided to expand the development with additional plots for the second phase to secure more sales. We aim to begin land sales in fiscal year 2027 and complete construction in fiscal year 2028.
According to estimates by the International Monetary Fund (IMF), India's GDP growth rate is projected to reach 6.4 percent in fiscal year 2026. This trend is expected to continue beyond fiscal year 2027, making it one of the world's most watched economies. Driven by robust domestic demand fueled by population growth, new companies continue to enter the Indian market. Furthermore, the Japanese government is strengthening support for Japanese companies expanding into India through measures such as the establishment of the Japan-India Economic Office, and manufacturing investment in India is expected to continue to grow.
This industrial park is located along National Highway 16, approximately 37 kilometers (about a one-hour drive) north of the city center of Chennai, the capital of Tamil Nadu state in southern India. With support from both the Japanese and Indian governments, infrastructure such as power substations and access roads to the national highway has been developed. Chennai is also attracting attention as a manufacturing and export hub due to its proximity to an international port and connectivity with Southeast Asia, and in recent years, investment in semiconductors and electronic equipment has been expanding in addition to automotive parts and air conditioning manufacturers.
In addition to India, Sumitomo Corporation is involved in the development, sales, and operation of industrial parks in Indonesia, the Philippines, Vietnam, Myanmar, and Bangladesh. As of July 2026, the existing industrial parks (10 locations) developed and operated by Sumitomo Corporation will house 661 companies, employing a total of approximately 250,000 people, and covering a total development area of approximately 3,200 hectares. Leveraging the know-how gained through these business operations in other countries, Sumitomo Corporation will support the operations of its tenant companies and, by attracting manufacturing companies to this industrial park, will address various challenges and needs in India. By providing the diverse functions that Sumitomo Corporation possesses, Sumitomo Corporation aims to contribute to India's industrialization and economic development.
Note: This story has not been edited by The Polymerupdate Editorial team and is auto-generated from a syndicated feed.
