Agreement concluded between Hiroshima Prefecture, Sumitomo Corporation, and Mahindra Industrial Park Chennai Limited
March 15, 2024 at 08:49 am EDT
Share
Sumitomo Corporation is the operator of Mahindra Industrial Park Chennai Limited (hereinafter referred to as 'MIPC'), which is the operating company of Origins Mahindra World City North Chennai (hereinafter referred to as 'Origins Chennai Industrial Park'), which is developed and operated near Chennai in the state of Tamil Nadu in the Republic of India.
We have concluded an agreement with Hiroshima Prefecture to support companies in Hiroshima Prefecture expanding into India (hereinafter referred to as the 'Agreement'). In the future, we will support the business expansion of companies in Hiroshima Prefecture in India.
In the 'India Economic Report' released by the World Bank in October last year, India's real GDP growth rate in fiscal 2023 is expected to be 6.3%, which is uncertain due to the world's largest population of over 1.4 billion people. Significant growth is expected in the global economy, where factors are increasing. Furthermore, as a leader of the Global South, India is strengthening its political and economic ties with countries including Japan, and as its presence in the international community is increasing, it is increasingly becoming a destination for global companies, including Japanese companies. It is attracting attention.
MIPC has been developing, selling and operating Origins Chennai Industrial Park since it began operations in 2019. Currently, there are 13 manufacturing companies, including 6 Japanese companies. In addition to good access from Chennai city center and international ports, and an abundant workforce in the surrounding area, we leverage Sumitomo Corporation's experience in developing and operating industrial parks in nine locations in six Asian countries to ensure stable production for tenant companies. We support the activities. In particular, we are putting a lot of effort into supporting local operations, and we have dispatched two Japanese people from our company. The facility has been praised for its environment where tenant companies can operate with peace of mind regardless of their business scale, and we currently receive many inquiries.
Through this agreement, Hiroshima Prefecture, Sumitomo Corporation, and MIPC will support the expansion of manufacturing companies based in Hiroshima Prefecture into India, as well as contribute to India's economic development and the 'realization of wealth and dreams' of local residents. We will continue to contribute to
Global South: Although there is no clear definition, there are many emerging and developing countries in the Southern Hemisphere, as opposed to the Northern Hemisphere, where many developed countries are located.
Consultation desk function for companies in the prefecture considering expanding into India
Supporting inspections of companies in the prefecture to Tamil Nadu, India
Cooperation with seminars on expanding into India for companies in the prefecture
Exchanging information to encourage companies in the prefecture to consider expanding into India
Sumitomo Corporation is a diversified group organized around 7 areas of activity:
- retail distribution of consumer goods (24.4% of net sales): food products, apparel and accessories, pharmaceuticals, building materials, household and decorative items, etc. The group is also developing a real estate business;
- trading of hydrocarbon, mining, chemicals and electronics products (24%): oil, natural gas, copper, gold, silver, zinc, lead, nickel, coal, iron ore, resins, pesticides, petrochemical products, etc.;
- trading of steel products and non ferrous metals (20%): flat and long steel products, tubular products, aluminum products, titanium, etc.;
- distribution of transportation and construction systems and equipments (15.1%): spatial equipments, landing fields, forest machines, motorcycles, mining operating vehicles, etc.;
- telecommunications and multimedia products and services supplies (8.8%): TV wiring, data communication solutions, film distribution services, mobile telephony, Internet access and computing services;
- development and implementation of civil engineering infrastructures (7.6%): power plants, wastewater treatment units, industrial plants, telecommunications centers, etc. The group is also providing logistics services;
- other (0.1%).
SUMITOMO CORPORATION 
