Chennai-based Kalpathi Group, with interests in private equity and entertainment, has acquired the ready-to-occupy Rantech Towers, an IT (information technology) park located in the IT corridor at Sholinganallur on OMR (Old Mahabalipuram Road) in Chennai, about 8 km from the TIDEL Park.
The IT park is owned by Nagi Reddy and his associates. They have sold it for around $10 million.
Kalpathi S. Suresh, Chairman of Kalpathi Group, said, “We believe there is compelling valuation for a Class A building strategically located on OMR and situated on an independent plot of over 1.3 acres”. The group, he said, might put a part of the park for own use and lease out the rest. “With the six-laning of the OMR, a number of companies are opting to expand their presence in South Chennai. A number of housing complexes are coming up in that region. We are likely to see an entirely new OMR in the coming years,” Mr. Suresh said.
The eight-story building is spread over 2.2 lakh sq. ft. It has two stilt floors exclusively for parking with provision to park 175 cars and 200 two-wheelers.
All the building services such as air-conditioning, electrical systems, generators, fire alarm and fire-sprinkler system have been networked by IBMS (intelligent building management systems).
Kalpathi S. Aghoram, Vice-Chairman of the group, said that the investment in Rantech Towers was based on “our belief that OMR, in the long-run, will represent the new face of greater Chennai”.
Kalpathi Investments, the PE arm of the group, has a portfolio of companies that it supports in driving strategy and operational efficiency with the goal of assisting entrepreneurs create or take their existing businesses to the next level. AGS Entertainment is the film production and distribution arm of the Kalpathi Group and has produced and/or distributed over 10 films in the last four years. AGS Cinemas is the exhibition arm of the group with nine screens in the city and its suburbs with a capacity that positions it among the top three players in this area.