Chennai-based Kalpathi Group, with business interests in private equity and entertainment, has acquired Rantech Towers, an IT park located in Chennai, for around Rs 50 crore, the company has disclosed in a statement today.
The IT park, spread over 2.2 lakh sq. ft., is located at Sholinganallur (on Old Mahabalipuram Road) in Chennai. Of the eight-storey building, 15 per cent area will be used for self use by the group and the rest will be commercially leased/rented out to other IT companies.
“With the six-laning of the Old Mahabalipuram Road, the increasing number of companies opting to expand their presence in South Chennai combined with the housing complexes that are coming up, we are likely to see an entirely new OMR in the coming years,” Kalpathi S. Suresh chairman, Kalpathi Group commented on the deal.
Kalpathi Investments, the PE arm of the Group, has a portfolio of companies that it supports in driving strategy and operations. Last year Chennai based Primex Healthcare had raised venture funding by diluting 45 per cent stake to Kalpathi Investments.