Financial Daily from THE HINDU group of publications
Wednesday, May 04, 2005
Financial Daily from THE HINDU group of publications Wednesday, May 04, 2005 |
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Info-Tech
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Infrastructure R.R. Industries tech park inaugurated; announces Rs 60-cr new project Our Bureau
Mr Kiran Karnik, Nasscom President, and Mr Vivek Harinarain, Tamil Nadu IT Secretary, at a meet in Chennai on Tuesday. — Shaju John
Chennai , May 3 R.R. Industries Ltd, a Chennai-based real estate promoter for the information technology industry, on Monday inaugurated a 1.60-lakh sq ft technology park, R.R. Tower III, built at a cost of Rs 35 crore. Mr Kiran Karnik, President, National Association of Software and Services Companies, inaugurated the building in the Guindy industrial estate. The company also announced the commencement of its next project, 2.5-lakh sq ft R.R. Tower IV, to be built at a cost of Rs 60 crore in Guindy. R.R. Tower IV will be ready by the year-end, the company's Managing Director, Mr R. Ravi, told presspersons. The company plans to add 4.20 lakh sq ft of IT space in Chennai by the end of 2005, he said. In R.R. Tower III, Alcatel Development Corporation, one of R.R. Industries' oldest customers, is taking 60,000 sq ft. Other clients include US Software and Iseva, he said. The company plans to construct a technology park at Sholinganallur on Old Mahabalipuram Road, the IT corridor. It has bought five acres land for Rs 10 crore, and plans to invest Rs 120-140 crore for the 5-7 lakh sq ft construction. It is also planning a similar facility in Ambattur by mid-2006, said Mr Ravi. R.R. Industries, part of R.R. Group, with assets of over Rs 100 crore, launched its first project in 1997, with a built-up space of 40,000 sq ft. The facility, R.R. Tower I, was leased to Alcatel. It then launched R.R. Tower II with 80,000 sq ft, and Alcatel took up additional space in the facility. Other tenants in the premises include Element K, Lapiz Digital Services and Aithent Technologies, said Mr Ravi. In the plug-and-play model that the company offers, clients need to bring only personal computers, routers and servers. The company provides the other facilities, including back-up space and data cable. Clients can start operations in 45 days, whereas it would take over 12months to build space from scratch, he said. With the construction of R.R. Tower III, the company expects its income to increase to Rs 10 crore in 2005-06 against Rs 4.4 crore it earned from its two properties. In 2006-07, the revenues would grow to Rs 18 crore once R.R. Tower IV becomes operational, he said. The company may go for an initial public offering by the year-end or early 2006 to raise Rs 10-15 crore to focus on high value projects, Mr Ravi said.
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