Infrastructure Development Finance Company Limited (IDFC) has invested Rs 150 crore in TRIL Infopark, a company floated by Tata Realty and Infrastructure Limited along with other partners, to develop Ramanujan IT City at Chennai.
C Velan, chief executive officer, TRIL Infopark, said that IDFC’s investment would be project funding by way of debt, and ruled out any possibility of equity. TRIL was floated by Tata Realty along with state-run Tidco and Indian Hotels.
The company is developing Ramanujam IT City here with an investment of Rs 3,500 crore. The Phase I of the project, IT office space, will go on stream by the first quarter of 2011.
TRIL Infopark Limited is a joint venture between Tata Realty & Infrastructure Limited, the state-run Tamil Nadu Industrial Development Corporation (Tidco) and Indian Hotels Company Limited (IHCL).
The hi-tech integrated development would consist of a duly notified IT/ITeS office space along with residential apartments, a premium retail mall and entertainment, serviced apartments and an international convention centre.
The master plan for this residential project is being done by the New York-based Skidmore Owings and Merrill (SOM). The construction activity is being undertaken by Leighton, an Australian company.