Trivandrum: The Framework Agreement for Taurus Downtown Technopark, the Rs. 1,200 crores IT / ITeS investment project in Technopark Phase III, will be signed between Technopark and the US based project investors, Taurus on September 30, 2015.
The tripartite deal, involving Technopark, US based Taurus Investment Holdings (TIH) and its Indian subsidiary THR India Venture will be signed in the presence of Chief Minister, Shri Oommen Chandy and the Minister for Industries & IT, Shri P K Kunhalikutty, in Thiruvanathapuram.
Taurus will be represented by Erik R Rijnbout, President, Taurus Investment Holdings LLC USA, and Ajay Prasad, Country Managing Director, Taurus India, and Technopark will be represented by CEO, K G Girish Babu.
It may be recalled that the signing of the framework agreement comes after much delay for this project which was proposed more than three years back at the Emerging Kerala Summit in 2012. The project can expect further delays as the lease agreement will be signed only after the local body polls.
The signing of the framework agreement will be a major milestone in realizing the Taurus Downtown Technopark Project, which was approved by the State Cabinet last October. Taurus had won the project through the Swiss Challenge method, the bidding process in which a bidder wins when their original bid is not challenged by competitors.
“Taurus has also formed two Indian indirect subsidiaries – Winterfell Realty Pvt. Ltd. and Dragonstone Realty Pvt. Ltd. as SPVs for project development,” said Ajay in a press note. He added that work on the project is expected to begin by March 2016.
The Taurus Downtown Technopark project will come up on 19.73 acres of land sanctioned by the government on a 90 year lease to Taurus. The project envisages development of about 40 lakh sq ft of IT SEZ and non-SEZ space in Technopark, of which about 23 lakh sq ft will be in the IT SEZ, and 17 lakh in non-SEZ area. In the first phase, offices with a built-up area of 16 lakh sq ft and 12 lakh sq ft of IT support spaces will be developed. Upon completion, Taurus Downtown Technopark is expected to generate 25,000 direct employment opportunities in Kerala’s IT sector.
Kerala Biz News