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 here. 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 and Olympia the rest. The