Mahindra Life (IFC-38850)

  • India
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 6, 2017
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Mahindra Lifespace Developers Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 34.76 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 15.92 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 50.68 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 26, 2017

Disclosed by Bank Sep 18, 2017

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.
The proposed project involves IFC investing an INR equivalent of approximately US$50 million in a combination of instruments in one or more Special Purpose Vehicles (“SPV”) promoted by Mahindra Lifespace Developers Limited (“MLDL” or the “Company” or the “Sponsor”) set up for the development of three industrial clusters (ICs) around established industrial areas in Rajasthan, Gujarat, and Maharashtra (the “Project”).
People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.
The proposed project is expected to generate strong development impact along several channels. Part of the area to be developed is located in the low income state of Rajasthan, impacting the development of a region in need. In the other two states, the project is located in areas that have potential for greater large-scale industrial infrastructure creation. a) Development of quality industrial infrastructure: (i) For small and medium businesses: The project is expected to increase availability of critical industrial infrastructure, directly benefitting small and mid-sized businesses that do not have the resources to set it up themselves. (ii) For large businesses: By providing a plug-and-play ecosystem, the Project is expected to reduce the time for companies to go-to-market and enable them to instead focus on core business operations. b) Demonstration effect: Private industrial parks are a relatively new asset class in India, and the project is expected to generate a positive demonstration effect and promote the development of such spaces in the country. c) Exporting capacity: The Project is expected to expand India's exporting capacity through the development of a Special Economic Zone (SEZ) in Rajasthan; d) Employment: The Project is expected to contribute significantly to job creation. During the construction phase, the Project is expected to generate temporary jobs in the construction sector, and a significant number of indirect jobs in suppliers' industries for construction materials. The project is expected to also create permanent jobs in the form of outsourced labor for services such as housekeeping, security, landscaping, maintenance, etc. during the ICs operations, as well as jobs through the businesses using the space developed in the IC. e) Community development: The Project is also expected to positively impact local communities and seek to promote inclusive development through various activities such as vocational skill training, self-help groups for women etc.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at

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