SUN-Apollo
to invest in Sriram project Wednesday, June 07, 2006 at 0000 hours IST
US-based
SUN-Apollo - a joint venture company between Delhi-based Khemka family and the
US-based Apollo group which manages equity funds worth $5.2 billion--is picking
up 50% stake in the Rs 1,800-crore real estate project, being implemented near
Chennai by Bangalore-based Sriram Properties, sources close to development told
FE. This is SUN-Apollo 's first major investment in India. This project includes
a 4-million sq ft IT park, a mall and 300 service
apartments.
All the properties are expected to be completed over next
three years. Sriram Properties is part of the Chennai-based Shriram group. Last
year, the company took over 58 acres of land belonging to the defunct Standard
Motor Products of India Ltd near Chennai. The company won the bid for the plot
for Rs 154.10 crore. The property was mired in legal controversies but was finally
cleared by the Madras High Court in favour of Sriram Properties Ltd.
