State cabinet approves Rs 1,200-cr IT project

Wednesday, Sep 17, 2014,21:46 IST By metrovaartha A A A

The Kerala government today approved a Rs 1,200-crore IT investment project in Technopark Phase III sponsored by Taurus India. As part of the agreement 9.73 acres of land would be given to the project under non-SEZ category and 10 acres under SEZ category, Chief Minister Oommen Chandy told reporters.
The land would be allotted under a 90-year lease realising Rs 5 crore per acre. Welcoming the decision Ajay Prasad, Managing Director of Taurus India, said the initial work for the project would begin as soon as the Letter of Intent 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. We are aiming for the formal launch of the project, named Taurus Downtown Technopark, in February 2015, he said. The investment proposal by Taurus Investment Holdings LLC, Boston, USA, will see development of about 32 lakh sq ft of IT SEZ and non-SEZ space in Technopark.
In addition to IT infrastructure spread over 20 lakh sq ft in the IT SEZ, 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 start-ups and small businesses in the 12 lakh sq ft 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.