CHENNAI: Olympia Cyberspace, a unit of Chennai-based Olympia Group, is coming up with a 1.1 million sq. feet Greenfield IT Park at Guindy here, jointly with a US private equity fund Apollo Global.
“The project will have a total investment of Rs 750 crore and is expected to generate employment for 12,500 IT professionals directly, apart from indirect employment,” Ajit Kumar Chordia, managing director, Olympia Group, said.
Apollo Global, one of the world’s largest alternate investment platform with $270 billion in Assets Under Management is a joint venture partner of Olympia for this project. The campus will be constructed within three years and situated in the heart of the city.
“JP Morgan, Citi Bank portfolios are managed by Apollo. It is a huge long-term advantage for Olympia. The tie-up comes with marquee investors. The strategic partnership with Apollo will result in Olympia coming up with more larger projects,” Chordia told Express.
He said the ongoing demand for office space in the city has prompted the development of IT Park. “This is a milestone for the group in the IT office space vertical. We are confident that this facility will attract IT and ITeS MNCs that benefit from the state-of-the-art amenities at a strategic location,” Chordia said.
Further, as a patron of Green Initiatives and driving sustainability, the project will encompass Green and Sustainable elements,” he said.
The project has currently got two of the no-objection certificates and we are awaiting the third one which we are expecting to get it soon,” said Chordia. He said Olympia Group is the pioneer to build IT parks in Chennai.