Mahindra World City Developers (MWCDL) a subsidiary of Mahindra Lifespace Developers (MLDL) and Sumitomo Corporation (SC) signed a joint venture (JV) agreement today to set up an industrial park in North Chennai.

Anita Arjundas, MD & CEO, Mahindra Lifespace Developers said, ''We are delighted to partner with Sumitomo Corporation to establish an industrial park in Chennai, Tamil Nadu. While it is our maiden venture together, the experience of both the Mahindra Group and Sumitomo Corporation in this space will certainly create an industrial park which will attract companies from across the world to set up their facilities in an enabling environment. The joint venture is poised to reap the benefits of best practices from both the groups.''

Shares of the company gained Rs 5.9, or 1.31%, to trade at Rs 456.55. The total volume of shares traded was 4,157 at the BSE (12.52 p.m., Thursday).