Sumitomo Corporation, a leading Japanese trading and investment company, announced the expansion of Phase II of the ORIGINS Chennai Industrial Park. This joint venture with Mahindra World City Developers Ltd. will add 57 hectares of developable land to the existing 124-hectare Phase I, with land sales commencing in 2025.
Located near Chennai, the capital of Tamil Nadu, ORIGINS Chennai offers a strategic location for businesses with excellent connectivity to major transportation routes. The park boasts a strong infrastructure, including dedicated substations and access roads, ensuring a conducive environment for industrial operations.
Since the launch of Phase I in 2017, 15 companies, including six Japanese firms, have established operations within the park. The strong demand from both existing and prospective tenants, exceeding 20 companies for the expanded area, has prompted Sumitomo Corporation to consider further development beyond the initial 57 hectares, aiming for a total of approximately 250 hectares.
Favorable Economic Climate
India’s robust economic growth, projected by the IMF to continue at 7% in FY2024 and beyond, is driving significant investment in manufacturing. Chennai, with its proximity to ports and Southeast Asian markets, has emerged as a key manufacturing and export hub, attracting investments from various sectors, including automotive, electronics, and semiconductors.
Sumitomo Corporation’s Global Expertise
Sumitomo Corporation possesses extensive experience in developing, operating, and managing industrial parks across Asia, including Indonesia, the Philippines, Vietnam, Myanmar, and Bangladesh. With a portfolio of nine industrial parks encompassing 2,876 hectares, the company brings valuable expertise and a proven track record to the Indian market.
Key Takeaways
- ORIGINS Chennai is expanding to meet growing demand from domestic and international companies.
- The expansion will further enhance Chennai’s position as a major manufacturing hub in India.
- Sumitomo Corporation’s global expertise will be instrumental in supporting tenant operations and attracting further investment.
This expansion underscores Sumitomo Corporation’s commitment to supporting India’s industrial growth and contributing to the country’s economic development through its diverse capabilities.
