Goldman Sachs has made this investment into the developer’s commercial project Ozone Techno Park in Chennai, Tamil Nadu jointly through two of its NBFC arms- Goldman Sachs (India) Finance and Goldman Sachs Investments (Mauritius). The investment has been made through a structured debt arrangement.

Located on Chennai’s Old Mahabalipuram Road, Ozone Techno Park is a ready and fully leased commercial project that houses tenants such as HCL, CTS, Rainbird Healthcare and Firstsource Solutions.

The IT park is spread over seven acre with total leasable area of nearly one million sq ft, across the 10-storey complex. The deal will be completed in two tranches. The company is likely to use a part of the funds raised to repay some of its debt obligations, including to Urban Infrastructure Venture Capital that has exposure to some of its other projects.

Bengaluru-based Ozone Group commenced operations in 2004 and currently has 15 million sq ft under development and 30 million sq ft in pipeline across Bengaluru, Chennai, Mumbai and Goa.