Mahindra Lifespaces gets $50 m from IFC to build ind parks

The World Bank arm International Finance Corporation has agreed to extend USD 50 million to Mahindra Lifespaces to develop industrial parks in Gujarat, Rajasthan and Maharashtra.

The real estate and infrastructure development arm of the Mahindra Group said the money will be used to develop industrial parks across these three states.

The partnership envisages investment across Mahindra Lifespaces' existing and upcoming industrial park projects, with its first investment in a around 350-acre industrial park near Ahmedabad.

The proposed industrial parks will provide impetus to the local manufacturing, and will be located in areas that have

significant potential for large-scale industrial infrastructure creation, the Mahindra group company said.

IDFC Alternatives exits Mytrah Energy

Mumbai: India Infrastructure Fund (IIF), a fund managed by IDFC Alternatives, has successfully exited its Rs 350 crore investments in renewable power producer Mytrah Energy.

IIF had invested Rs 350 crore in the form of compulsory convertible preference shares in Mytrah which enabled the company grow rapidly from a very small asset base of about 50 mw to over 500 mw in a span of three four years, IDFC Alternatives said.

Mytrah Energy is a subsidiary of Mytrah Energy which is listed on the AIM segment of the London Stock Exchange. It has a portfolio of 2,000 mw of operational and under development renewable power projects across nine states-- Punjab, Rajasthan, Gujarat, MP, Maharashtra, Andhra, Telangana, Karnataka and TN. Mytrah also has one of the largest wind data banks with over 200 wind mast locations across the country.

Reliance group, IBM to collaborate on IoT Mumbai: Unlimit, a business venture of Anil Ambani-led Reliance Group and IBM have announced a strategic collaboration that brings together former's industry specific Internet of Things (IoT) solutions with IBM IoT capabilities to unlock new value for businesses here.

Under the partnership, both the companies will co- create IoT solutions for specific industry verticals including automotive, insurance, utilities, and industrial automation, IBM said in a statement today.

These companies are also developing IoT solutions for implementation across Reliance Group addressing key segments like user-based insurance, asset & vehicle tracking, tower monitoring and transformer maintenance.

ICICI Pru's balanced advantage fund doubles AUM Mumbai: Assets under management of ICICI Prudential's balanced advantage fund, an open ended equity fund, has doubled at Rs 20,877.54 crore in two years.

The fund had crossed Rs 10,000-crore landmark for AUM in November 2015 and as on August, the AUM has reached Rs 20,877.54 crore. The fund has given a return of 11.86 per cent during past one year.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)