Mahindra Lifespaces and Sumitomo ink strategic pact with Osaka to support Japanese businesses in India
Mahindra Lifespace Developers Ltd., through its subsidiary Mahindra Industrial Park Chennai Limited (MIPCL) and its joint venture partner Sumitomo Corporation, signed a Strategic Cooperation Agreement with the Osaka Government and the Osaka Industrial Development Bureau to facilitate the entry of Japanese companies into India.
The agreement, announced on Friday, strengthens India–Japan industrial collaboration by positioning Chennai as a hub for Japanese investments, particularly in manufacturing. Key details of the agreement
MIPCL, the developer and operator of Origins by Mahindra , together with Sumitomo, will act as facilitators for Osaka-based companies looking to establish operations in India. They will support business visits, consultations, and knowledge-sharing seminars in Osaka, while the Osaka authorities will identify and recommend potential investors from Japan.
The collaboration aims to streamline the process for Japanese firms by offering regulatory guidance, on-ground support, and access to world-class infrastructure, ensuring their smooth entry and expansion into India. Comments from Mahindra Lifespaces leadership Amit Kumar Sinha , Managing Director & CEO, said:
'This partnership reflects our vision to build future-ready ecosystems that align with India's manufacturing ambitions. It underscores our focus on setting new benchmarks through successful Public-Private Partnerships (PPPs), enabling sustainable industrial progress.'
Vikram Goel, Chief Business Officer (Industrial), added:
'Our engagement with Osaka marks a milestone in enabling global investments through our industrial ecosystems. 'Origins by Mahindra' is tailored for international manufacturers, offering operational readiness, regulatory support, and integrated infrastructure.' Why Chennai?
India's projected GDP growth of 6.3% in FY25, coupled with Chennai's strong port connectivity and industrial ecosystem, make it an attractive destination for Japanese companies. Origins by Mahindra in Chennai already hosts six Japanese clients and spans approximately 600 acres. About the stakeholders Origins by Mahindra, Chennai : A joint venture between Mahindra World City Developers (a PPP with Tamil Nadu Industrial Development Corporation) and Sumitomo Corporation. The cluster is IGBC Platinum pre-certified and strategically located on NH-16, part of the Golden Quadrilateral.
Mahindra Group: A multinational federation of companies with a presence in over 100 countries, focused on ESG leadership, rural prosperity, and urban living.
This collaboration is expected to deepen India-Japan economic ties, enhance Tamil Nadu's role in global supply chains, and contribute to India's industrial growth story.
Ahmedabad Plane Crash
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNBC
29 minutes ago
- CNBC
Dollar indecisive as investors await more tariff clarity
The dollar traded in a tight range on Tuesday after a brief fall at the start of the week, as investors watched out for any progress on trade talks ahead of an August 1 deadline for countries to strike deals with the U.S. or face steep tariffs. The yen mostly held to gains from the previous session following results from a weekend upper house election in Japan that proved no worse than what had already been priced in, as focus now turns to how quickly Tokyo can strike a trade deal with Washington and Prime Minister Shigeru Ishiba's future at the helm. The Japanese currency was last a touch weaker at 147.65 in early Asia trade, after rising 1% on Monday in the wake of the election outcome. The bruising defeat suffered by Ishiba and his ruling coalition also drew just a modest response in the broader Japanese market, which returned from a holiday in the previous session. "The initial relief for the yen that the ruling coalition did not lose even more seats and that Prime Minister Ishiba plans to hang on to power is likely to prove short-lived," said MUFG senior currency analyst Lee Hardman. "The pick-up in political uncertainty in Japan could complicate reaching a timely trade deal with the U.S., posing downside risks for Japan's economy and the yen." With just slightly over a week to go before an August 1 deadline on tariffs, U.S. Treasury Secretary Scott Bessent said on Monday that the administration is more concerned with the quality of trade agreements than their timing. Asked whether the deadline could be extended for countries engaged in productive talks with Washington, Bessent said President Donald Trump would make that decision. Uncertainty over the eventual state of tariffs globally has been a huge overhang for the foreign exchange market, leaving currencies trading in a tight range for the most part, even as stocks on Wall Street have scaled fresh highs. "Nothing that happens on August 1 is necessarily permanent, so long as the U.S. administration remains willing to talk, as was indicated in Trump's letters from two weeks ago," said Thierry Wizman, global FX and rates strategist at Macquarie Group. The dollar was last steady after slipping in the previous session due in part to the yen's rise and a dip in U.S. Treasury yields, leaving sterling trading 0.03% lower at $1.3488. The euro fell 0.12% to $1.1684, with focus also on a rate decision by the European Central Bank later this week, where expectations are for policymakers to stand pat on rates. The European Union is exploring a broader set of possible counter measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. Against a basket of currencies, the dollar rose slightly to 97.94, after having fallen 0.6% on Monday. Also weighing on investors' minds has been worries about the Federal Reserve's independence, given Trump has railed repeatedly against Chair Jerome Powell and urged him to resign because of the central bank's reluctance to cut interest rates. "Our base case remains that solid U.S. data and a tariff driven rebound in inflation will keep the FOMC on hold into 2026, and that the resulting shift in interest rate differentials will drive a continued rebound in the dollar in the next few months," said Jonas Goltermann, deputy chief markets economist at Capital Economics. "But that view is clearly at the mercy of the White House's whims." Elsewhere, the Australian dollar eased 0.05% to $0.6522, while the New Zealand dollar fell 0.14% to $0.5960.
Time Magazine
29 minutes ago
- Time Magazine
Alaska Airlines IT Outage Disrupts Hundreds of Flights
Hundreds of Alaska Airlines flights and thousands of passengers' travel plans were disrupted over the weekend and well into Monday following a 'significant IT outage' that resulted in the grounding of planes for about three hours. The airline has since resumed flights, but the company said in a statement late Monday that the effects of the grounding could result in possible additional disruptions as well as delays. Travelers have reported waiting for hours in ticketing queues and sleeping in airports because of the outage. 'We appreciate the patience of our guests whose travel plans have been disrupted. We're working to get them to their destinations as quickly as we can,' the airline said in its statement. Here's what to know. What happened? Flights were grounded at 8 p.m. PT on July 20 after the outage. Alaska Airlines said a 'critical piece of multi-redundant hardware,' which was manufactured by a third party, suddenly failed. The unexpected failure affected the airlines' systems, requiring the ground stop. The stop was lifted at 11 p.m. PT, Sunday. The Seattle-based airline assured that the IT outage is not a cybersecurity event and is 'not related to any other current events'—including the recent worldwide Microsoft hack. It also said the safety of its flights remain unaffected. Since Sunday, the airline cancelled more than 200 flights, with 116 cancellations on Monday—affecting some 15,600 passengers. What can you do if you're an affected passenger? The airline advised passengers to check their flight status before heading to the airport. Alaska Airlines said it offers a 'flexible travel policy' for those who wish to change or cancel their flights. According to its website, Alaska Airlines will provide hotel accommodations, arrange ground transport, and distribute meal vouchers for those affected by the outage. It may also help arrange flights for another air carrier to the passenger's destination. These IT outage-related measures apply only to tickets purchased on or before July 20, with original travel dates between the 20th and the 23rd. New travel dates are expected to be from Monday, July 21, until July 28. How common are airline IT outages? Tech-related flight disruptions are common, though they are usually resolved in hours. Many airlines have long relied on aging computer systems, and the aviation industry has been criticized for failing to modernize swiftly. Last year, a massive Microsoft IT outage caused the grounding of flights worldwide. In January 2023, the Federal Aviation Administration ordered the grounding of all departing flights nationwide for 90 minutes because of a computer issue that prevented airports from updating safety notices that help warn pilots of potential flight hazards. The FAA found no evidence of a cyberattack, instead tracing the issue to a corrupt file. And in December 2022, Southwest Airlines cancelled thousands of its flights over more than two weeks, stranding more than 2 million travelers at the height of the holiday season. The airline's operations were stymied by a winter storm, but the issue snowballed after the storm overwhelmed its crew-rescheduling system.
Bloomberg
29 minutes ago
- Bloomberg
LA Times Billionaire Owner Plans to Take Newspaper Public
Patrick Soon-Shiong plans to take the Los Angeles Times public over the next year, the billionaire owner told Jon Stewart on Monday night. The newspaper has been under his stewardship since 2018, when his Nant Capital investment vehicle purchased it in a $500 million deal. South Africa-born Soon-Shiong helped steady the business after a clash between its editorial staff and the previous owners.
