Taurus Downtown Technopark project gets in-principle approval

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Trivandrum: The Kerala Government has given an in-principle approval for the prestigious Downtown Technopark project by the US based Taurus Investment Holdings LLC, in Technopark, Trivandrum. The project would see the single largest foreign direct investment in Kerala of about Rs.1,200 crores.

Taurus India, a fully owned subsidiary of Taurus Investment Holdings, had emerged as the successful bidder through the Swiss Challenge route to develop the Downtown Technopark project in Technopark Phase III on about 20 acres of land on a 90 year ground lease. As per the proposal, the Downtown Technopark project would have up to 20 lakh sq. ft. of world-class technology office space (SEZ) and supporting facilities like retail space, hotels and a state-of-the-art plug and play office facility for startups and small businesses in the non-SEZ part of the project. The project is expected to generate about 25,000 direct employment opportunities.

Meanwhile, a formal announcement from the Government is expected after a round of price negotiation on the non-SEZ space. The project has been in discussion for close to two years now, as it was first proposed in the Emerging Kerala Summit held in September 2012.

In a release, Ajay Prasad, Managing Director of Taurus India, expressed satisfaction over the progress made by Government of Kerala in awarding the project. He said that Taurus is waiting for the completion of the process of allotment of the project and hopes to receive the Letter of Intent from Technopark at the earliest. The company is already in talks with major global players who are either waiting to enter India or planning to expand in India including Allianz, Fidelity Investments, Deutsch Bank, Oracle and others.

Established in 1976, Taurus is a Real Estate Private Equity Investment and Development Company and an active deal participant in thirty markets around the world. The private equity company is now taking an exciting new step, which is also a geographical milestone for the company, by entering the Indian market. The fact that it has chosen Thiruvananthapuram is a pointer to the Company’s trust in the possibilities and potential of the State which has been a front-runner in several novel initiatives in the past.

Kerala IT News

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