Kolkata, Feb. 2
AS part of its plans to unlock the value of its assets, Eveready Industries India Ltd (EIIL) on Wednesday announced a new initiative that is aimed at creating the latest infrastructure in Chennai.
The company, in collaboration with Khivraj Tech Park Pvt Ltd, is setting up a modern technology park christened Olympia at Guindy, Chennai.
Built on 8.4 acres of land belonging to EIIL, Olympia will comprise three towers, Citrus, Altius and Fortius. Over one million square feet of commercial space will be on offer.
Stating this at a news conference held here today, Mr Deepak Khaitan, Executive Vice-Chairman and Managing Director of EIIL, said the Rs 220-crore project would be built in phases. The first phase, in which 6,00,000 square feet of space would be on offer, was expected to be operational by December 2005. The entire project would be completed by mid-2007.
Mr Khaitan said that, in terms of payback, EIIL had received Rs 25 crore and would be allocated 2.5 lakh square feet of space in the technology park.
With Chennai becoming a hub of high-value IT services in the country, the promoters were confidant that the space on offer would have ready takers. On its part, EIIL was open to the idea of selling out its space or even offering it on rent.
According to him, EIIL was looking at opportunities to unlock the value of similar assets in the future.