Trivandrum: Taurus Investment Holdings, LLC, a global private equity investment and development firm specialising in business infrastructure, today formally announced their Downtown Technopark project in Trivandrum, which would see the largest single foreign direct investment of USD 200 million in Kerala, subject to necessary approvals from the Government of Kerala (GoK).
Giving details of the project, Ajay Prasad, MD, THR India Ventures, LLC said, “Taurus has emerged as the successful bidder through the Swiss Challenge route to develop the Downtown Technopark project in Technopark Phase III in Trivandrum on 19.74 acres of land on a 90 year ground lease. Out of this, 10 acres will be in SEZ and the remaining non-SEZ. Taurus’ 100 % owned Indian subsidiary, Taurus Development Advisory Pvt. Ltd. will develop this project with Hansji Corporation and Rosc Global, LLC, as partners.”
“As per the proposal, the Downtown Technopark project would have up to 3 million sq. ft. of world-class infrastructure including IT office space, business class hotels, convention centres, retail and entertainment facilities. The project will involve an investment of Rs.1,200 to Rs. 1,400 crores and will generate 25,000 direct and 75,000 indirect opportunities”, he added.
Ajay also explained that the focus is on creating social infrastructure with a globally linked knowledge ecosystem that would improve the quality of work-life in and around Technopark and said, “We would have special allocation for start-ups. Taurus will also work with Technopark authorities, GoK and the IT industry to establish subsidised co-working spaces. Taurus and its partners look forward to receiving final approval for the development of the Downtown Technopark project shortly and plan to commence development within six to eight months of the same.”
Headquartered in Boston, USA, Taurus has acquired or developed over 2.2 crore sq. ft. of office, retail, industrial and residential assets. The company currently owns and manages over 1.1 crore sq. ft. of assets across the world, worth over Rs. 12,000 crores.
Kerala IT News had earlier reported that Taurus might withdraw from the project unless the Technopark authorities conclude the process of land allotment to enable them to commence development of the project. There were also other media reports that the IT Minister had reservations about the project leading to the delay in approval.
Meanwhile, P H Kurian, Principal Secretary – IT, GoK has confirmed that the Government has reservations regarding the project and also said that the Government might opt for the open tender route to finalise the developer.
Kerala IT News