Trivandrum: Taurus Investment Holdings, the promoters of the proposed Downtown Technopark project adjacent to the Technopark campus in Thiruvananthapuram, has finally reported some progress. The project, announced in September 2012 at the Emerging Kerala summit, has a projected total investment of Rs 2,000 crores over its two phases to involve the development of 50 lakhs square feet of IT SEZ and non-SEZ space.
The company has invited leading construction firms to submit bids for the construction of the first phase of the project which has an area of 38 lakhs sq. ft., and the process is expected to be complete by the end of January, according to Ajay Prasad, Managing Director of Taurus India, a fully owned subsidiary of Taurus Investment Holdings LLC.
The Special Purpose Vehicles formed by Taurus for the execution of the project are in the process of completing various formalities involved in transferring FDI funds to India. These processes are expected to take about eight weeks to complete, subject to regulatory approval. At the same time, Taurus is working with Technopark to complete formalities such as legal due diligence, related to signing lease agreements with Technopark. Taurus is expecting to receive all the due regulatory permits by March.
“The master plan and concept design for the project have been finalised and work related to the detailed design and permitting is in progress”, said Ajay. JLL and CBRE, the marketing consultants for various components of the Downtown project are in advanced discussions with potential tenants for the SEZ and non-SEZ components, a number of whom have already entered into agreements to lease space.
Apart from the Downtown Technopark project, Taurus is also exploring establishing partnerships with leading Indian developers to rapidly expand its portfolio in the country.
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