Old Lane invests in Chennai
Posted by g.e. on November 19, 2006
US private investment firm Old Lane and city-based infrastructure development company R R Industries today announced a joint venture to set up an information technology park on the outskirts of Chennai.
A total of $110 million (Rs 510 crore approx.) is being invested in RR Skyline project, for which Old Lane and RR Industries will put in $45 million on a 50:50 basis. The balance would come by way of client deposits and bank borrowings, Guru Ramakrishnan, co-founder & MD of Old Lane, and R Ravi, CEO of RR Inds, said here.
Old Lane has more than $4 billion (Rs 18,000 crore) in asset management, including a $500 million (Rs 2,250 crore) India dedicated private equity fund, which is to be invested in infrastructure, real estate and corporate sectors, Ramakrishnan said.