 Big IT Park coming up at Ambattur
Old Lane, the New York-based private investment firm, and R R Industries, a leading Chennai-based infrastructure development company, have announced a joint venture to
set up an IT Park on 2.2 million sq ft at Ambattur Industrial Estate, on the outskirts of
Chennai.
A total of $ 110 million (Rs 510 crore) is being invested in R R Skyline project, for which Old Lane and R R Industries will put in $ 45 million on a 50:50 basis. The balance
would come in the shape of client deposits and bank debts, Old Lane's founder-managing director Guru Ramakrishnan and RR's CEO R Ravi said in Chennai recently.
Old Lane has been founded by former Morgan Stanley executives Guru Ramakrishnan and Vikram Pandit.
The IT Park project is expected to be ready in two phases between June and September 2007.
Ramakrishnan said Old Lane had over Rs 18,000 crore in asset management, including a
Rs 2,250 crore India-dedicated private equity fund, which is to be invested in
infrastructure, real estate and corporate sectors.
"India will experience a four-fold increase in infrastructure and real estate spending by 2010. We see very interesting opportunities in IT Parks, commercial, residential
hospitality and integrated township projects," he said.
He said there was a shortfall of over 19 million residential units now in urban India. "A further 350 million sq ft of commercial space is required for business operations by
2013," he said.
RR Industries CEO R Ravi said RR Skyline would be dedicated to IT and ITeS companies registered with Software Technology Parks of India. The building would be a
24-storeyed structure, with a built-up space of 2.2 million sq ft.
He said it would be a two-tower structure connected by a multi-storeyed car park spread over 4 lakh sq ft, effectively making it a single building. Over 2,000 cars would find
parking space, he said, adding that the IT Park was capable of accommodating 50 companies.
(Agencies)
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