Mahindra World Cities have earned another feather in their well-decorated caps. Both MWCs at Chennai and Jaipur have been recognised as ‘Global Free Zones of the Year’ in three categories by the fDi Magazine (a bi-monthly news and Foreign Direct Investment publication from the Financial Times).
A joint venture between the Mahindra Group and the Tamil Nadu Industrial Development Corporation, Mahindra World City Chennai is ranked 6th overall in the top ten free zones globally, and was highly commended among the Asia-Pacific zones as part of the overall regional and SME results. Mahindra World City Chennai has been recognised in the Sustainability and Thought Leadership categories.
Mahindra World City Jaipur won a Bespoke Award for the incentives it offers clients including an investment subsidy of 75% of state tax due and deposited for seven years, 100% exemption from payment of stamp duty, 100% exemption from payment of electricity duty and land tax for seven years, as well as exemption from inspections under state laws for three years. The project also aims to be carbon positive by 2025.
Embarking upon a critical sustainability initiative, Mahindra World City Chennai has also undertaken one of the largest urban forest projects in India using the Miyawaki Method developed by Japanese botanist, Akira Miyawaki, planting over 400,000 tree saplings in 60.7 hectares. Upon completion, the life space with its focus on environmental harmony and sustainability, will not only be completely carbon neutral but also ensure higher productivity and health benefits for the people working and living inside or nearby.
fDi recognises the most promising free zones across the world every year – free zones that offer the best investment environment, and prospects for business expansion and economic development. The well-deserved recognition awarded to Mahindra World Cities is proof that urbanisation can be sustainable and still attract investment.
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