Kerala IT Park to ink deal for Taurus Downtown Technopark Project

Tuesday, Sep 29, 2015,15:47 IST By metrovaartha A A A

Thiruvanathapuram | An agreement for the Rs 1200-crore Taurus Downtown Technopark Project, aimed at developing four million sqft of IT space in Kerala Capital, will be signed tomorrow.
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 Oommen Chandy and Minister for Industries and IT P K Kunhalikutty.
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, an official release said here today.
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. 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.
According to Taurus, the project envisages development of approximately four million sq ft of IT SEZ and non-SEZ space in Technopark, of which about 2.3 million sq ft will be in the IT SEZ and 1.7 million in non-SEZ area.
In addition to IT infrastructure the project will also have retail space, hotels and an Innovation Zone with state-of-the-art plug and play office facility for start-ups and small businesses. In the first phase, offices with a built-up area of 1.6 million sq ft and 1.2 million sq ft of IT support spaces will be developed, including a retail mall and a 150-key hotel.
Upon completion, Taurus Downtown Technopark is expected to generate 25,000 direct employment opportunities in Kerala’s IT sector.
The lease agreement will be signed after the local body polls. ‘Taurus has also formed two Indian indirect subsidiaries – Winterfell Realty Pvt Ltd and Dragonstone Realty Pvt Ltd–as SPVs for project development, said Mr Ajay Prasad, Country Managing Director of Taurus India. He added that work on the project is expected to begin by March 2016.
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’s Downtown Technopark was originally proposed during the Emerging Kerala meet held in 2012.
Established in 1976, Taurus is a Global Private Equity Investment and Real Estate Development firm and an active deal participant in 30 markets around the world. The company has its roots in Germany and currently is headquartered in Boston, USA.
Over the past decade, Taurus has entered markets as diverse as Israel, Argentina and Turkey. Currently Taurus has assets under management of over Rs 12,000 crore spread across eight countries in North America, South America, Europe and Asia.