RR Industries to set-up 4 IT SEZs in TN

By : |November 8, 2006 0

R Jai Krishna

CHENNAI: RR Industries, a Chennai-based company in the business of infrastructure facilities on long-term lease to IT companies, is in the process of setting-up four Special Economic Zones (SEZs) specifically for the IT and ITES industry in Tamil Nadu.

Disclosing this to CyberMedia News, R Ravi, CEO and managing director of RR Industries said, “We are in the process of setting-up four SEZs in Tamil Nadu and are targeting the Tier-1 and Tier-2 cities.”

“RR Industries has been given the necessary permission and approvals by the Government of India, to set-up four SEZs and we have already identified about 1000 acres of land for this purpose,” he said, adding that the work on two projects would be started in mid-December 2006.

Earlier, Ravi announced the floating of a Special Purpose Vehicle (SPV) – RR Info Park, for RR Skyline, an IT Park that the company is promoting at Ambattur.

“We have roped in New York-based private investment firm, Old Lane LP as our joint venture partners to set up a large IT park facility spread over 2.2 million square feet at the Ambattur Industrial Estate,” he informed.

Ravi claimed that it would be the largest single building in India and one of the largest in the world.

The project slated to be ready in two phases between June and September 2007, is being established at an estimated cost of $110 million.

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

Guru Ramakrishnan, founder managing director of Old Lane LP said: “India’s accelerating GDP growth rates require significant investments in infrastructure and real estate. These investments in large volume are crucial for India to be the world leader in business services”.

“We are very pleased with this joint venture with RR Industries. RR’s reputation in the IT Park sector, their project management skills and their blue chip clients were the key driving forces for our partnership. Old Lane expects to deploy its entire India fund over the next two to three years” he said further.

RR Skyline at Ambattur is being built on a 10-acre plot and dedicated to IT and ITES companies registered with Software Technology Parks of India (STPI). It would be a 24-storey structure with a built-up space of 2.2 million sq. ft, consisting of a two-tower structure and the two structures will be connected by a multi-storey car park spreading over four-lakh sq. ft. thereby effectively making it a single building. The floor area will be 60,000 sq ft in each tower per floor. It will have all required basic and back up facilities including cafeteria, food courts, and gymnasium among others.”

Before this, RR Industries has developed three facilities for the IT sector at the Guindy Industrial Estate in the city. Its subsidiary, Rishabh Info Park has promoted RR Tower IV in the same locality. The total area developed is about six-lakh sq. ft. An additional 4-lakh square feet is also coming up in Guindy.

© CyberMedia News

No Comments so fars

Jump into a conversation

No Comments Yet!

You can be the one to start a conversation.