US company enters into joint venture with RR Industries

Chennai, Nov 6 (UNI) Old Lane, the New York-based private investment entered into a joint venture with RR Industries in Chennai to set up a large IT Park facility spread over 2.2 million square feet at Ambattur Industrial Estate here.

Founder of the Old Lane Mr Guru Ramakrishnan claimed that the proposed IT Park, at an estimated cost of Rs 510 crore, would be the largest single building in the country and one of the largest in the world.

The project is slated to be ready in two phases-- between June and September 2007.

He said the financing of the project would come in the form of promoter funds, client deposits and bank debit. Fifty five per cent of the project cost would come from bank debt. The Old Lane and its partners would own 50 per cent of the company promoting the facility.

He said the company had proposed to invest its surplus fund in infrastructure development, real estate and corporate sectors.

RR Info Park CEO and Managing Director Ravi, said the project was coming up over a 10 acre plot and would be dedicated to IT and ITES companies registered with Sowtware Technology Parks of India (STPI).

The Park could accommodate 50 companies, he said.

"The primary reason for entering into a partnership with the foreign company is its strong fund base", he said.

The RR Industries had already three developed facilities for the IT sector at the Guindy Industrial Estate, he added.

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