Trivandrum: After much hits and misses in the last two years since the proposal was first submitted, decks have been finally cleared for the Rs.1,200 crores ($ 200 million) Taurus Downtown Technopark project in Thiruvananthapuram.
Announcing the Cabinet decision today, Chief Minister Shri Oommen Chandy said that the Government has approved the Technopark project of US based Taurus Investment Holdings in Technopark which will see a foreign direct investment of Rs. 1,200 crores. “The project is spread over 10 acres of SEZ area and 9.73 acres of non-SEZ area and the land has been given on 90 year lease at Rs. 5 crores per acre as one time fee. The project once completed is expected to generate 20,000 direct and 25,000 indirect job opportunities.”
Welcoming the decision, Ajay Prasad, Managing Director of Taurus India said, “We are now awaiting the Letter of Intent from Technopark and the initial work for the project will begin as soon as the Letter is received. The company will begin setting up its South Asia office in a month’s time, in Thiruvananthapuram. The MoU between Kerala Government and Taurus is expected to be signed within three months and we are aiming for the formal launch of the project in February 2015”.
It may be recalled that Taurus Investment Holdings, a US based global real estate investment advisor, developer, and operator, had emerged as the successful bidder through the Swiss Challenge route to develop the Downtown Technopark project in Technopark Phase III.
The investment proposal by Taurus will see development of about 20 Lakh sq. ft. of IT SEZ and 12 lakh sq. ft. of non-SEZ space adjacent to Technopark Phase III. In addition to IT infrastructure, the project includes the creation of supporting facilities like retail space, hotels and an Innovation Zone with a state-of-the-art plug and play office facility for startups and small businesses in the non¬-SEZ part of the project.
The company is already in talks with major global players including Allianz, Fidelity Investments, Deutsch Bank, Oracle and others who are either waiting to enter or planning to expand in the Indian market.
Taurus India is a fully¬ owned subsidiary of Taurus Investment Holdings LLC. Currently Taurus has assets under management of over Rs 12,000 Crores spread across eight countries in North America, South America, Europe and Asia.
Kerala IT News