Apollo Global in JV unveils ₹750-cr Chennai IT Park

US-based Apollo Global Management and Chennai-based Olympia Group have announced investment of ₹750 crore on a 1.1-million sq ft greenfield IT Park in Chennai. The two companies will hold a 51% and 49% stake in the venture and Olympia Cyberspace, a unit of the Olympia Group, will develop the park located in the city‘s prime Guindy area. The park is expected to accommodate over 12,500 IT professionals housing co-working spaces, said managing director, Olympia Group, Ajit Kumar Chordia. He added that the ever increasing demand for office space in the city has prompted the development of IT Park and the new facility's strategic location and state-of-the-art amenities will attract IT/ ITeS and other MNCs. The real estate group had purchased the property from Exide Industries, which was its battery manufacturing facility for over five decades.