THIRUVANANTHAPURAM: Technopark and the US-based project investors Taurus will sign a framework agreement for ‘Taurus Downtown Technopark’, the `1,200-crore IT/ITeS investment project, in Phase-III of the IT park on Wednesday.
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, at the Chief Minister’s Conference Hall in the Secretariat at 11.30 am.
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.
Signing of the framework agreement will be a major milestone in realising 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.
The project envisages development of approximately 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 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 startups and small businesses.
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, 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 Ajay Prasad, country managing director of Taurus India.
He added that work on the project is expected to begin by March 2016.