Ample Parks, a join venture between Mahindra Lifespace Developers Ltd and private equity firm Actis, has acquired a 70-acre land parcel in Chennai, the first by the JV.

The land at the Mahindra World City in Chennai will be developed into an integrated industrial and logistics park, the real estate developer said on August 5.

“This is a great first step for Ample Parks to develop this project at a strategic location in the thriving industrial ecosystem in Chennai,” Raghvendra Chandak, director of real estate at Actis said.

Announced in 2022, the JV aims to develop more than 16 million square feet in both greenfield and brownfield developments, the two companies said in a statement.

“Our aspiration is for the platform to become one of the industrial and warehousing space providers of choice in India, with solutions tailored to meet the needs of industrial customers and supply chain operators,” Chandak said.

Actis holds the majority stake in the Ample Parks, having committed around $1.7 billion for real estate assets in Asia ever since its inception.

Ample Parks said that the first project would create around 2 million sq ft in industrial development space, which can be used both as plug-and-play and can also be built “bespoke” according to the needs of the customers.