Apollo Global to back Olympia for building 1.1 mn sq ft IT park in India.

US-based private equity fund Apollo Global will back Olympia Cyberspace, a unit of the Chennai-based Olympia group, to build a 1.1 million sq ft information technology park. The fund will infuse $15 million (Rs. 104 crore) initially in a special purpose vehicle (SPV) to promote the Rs. 750-crore project.

It has committed another $5-7 million. Apollo Global is one of the world’s largest alternate investment platforms, with $270 billion in assets under management. Ajit Kumar Chordia, managing director at the Olympia group, said the PE fund would have 49 per cent stake in the SPV.

BS