CHENNAI: RR Industries has roped in Old Lane, a New York-based private investment firm, as equity partner to implement its proposed IT (information technology) park at Ambattur Industrial Estate here christened `RR Skyline'.

RR Industries has floated a special purpose vehicle RR Info Park Private Ltd. to implement the over 2.2-million square feet facility, which will come up on a 10-acre plot.

The project will involve an investment of $110 million. RR Skyline will be a 24-storey structure and have twin towers. These towers will be connected by a multi-storey car park, spread over four lakh sq. ft., effectively making it a single building.

Old Lane and the Indian promoters will have equal holding in the $45 million equity portion of the project. The rest of the project cost will be raised through the debt route. Two-thirds of the foreign equity will come directly from Old Lane.

The remaining one-third will be inducted through the special joint venture the fund had floated with JM Financial to invest in corporate equity.

RR Skyline is aimed at attracting multinational companies, business process outsourcing units and IT as well as ITES (information technology-enable services) firms, according to R. Ravi, CEO and Managing Director of RR Info Park.

The project is expected to be ready in two phases, between June and September next year.

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