Bank Consortium to fund Technopark Phase III

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Tvm: Technopark has tied up with a consortium of four banks – Indian Bank, Catholic Syrian Bank, Federal Bank and South Indian Bank for a Rs.220 crore bank loan for the construction of the new one million sq. ft. IT building in Technopark Phase III.

This announcement came after the senior officials of these banks met with the Technopark CEO and the Finance Team at Park Centre to discuss the funding of the new generation green building in Technopark Phase III.

Mervin Alexander, CEO Technopark said, “This is the second consortium arrangement among banks for funding the Technopark projects. Early this year, other four major banks, Central bank of India, Bank of India, Indian Overseas Bank and State Bank of Travancore joined together to fund the Technocity land acquisition with Rs.390 crores. This is in addition to NABARD came forward to fund the Technopark Kollam project with Rs.50 crores soft loan”.

The new IT building alone can accommodate 10,000 direct employees and can generate indirect employments of about 25,000. With the completion of the Phase III, Technopark will create a total of 75,000 new employments along with the co-developers in the SEZs, thus become the largest employment creator in the country in Government sector. 

K C Chandrasekharan Nair, CFO, Technopark said, “Technopark is very proud to join hands with the consortium of banks in the prestigious expansion programmes of Technopark. We expect the same co-operation from the banks for funding our future programmes”.

Technopark Phase III is being developed over 92 acres of land and will house one of India’s largest IT buildings with a total built up area of one million sq.ft.

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