Taurus India: Technopark Downtown project to take off by November

News

The Times of India

THIRUVANANTHAPURAM: THR India Ventures LCC promoted by Taurus Investment Holdings (TIH), which has been awarded contract for setting up the Technopark Downtown project, is expected to sign a tripartite agreement with Technopark in November end.

 

A decision has been finalized after the Technopark centre received the government order on October 10 sanctioning 19.73 acres for 90 years to THR India Ventures LCC.

 

"The framework agreement will be signed between Technopark, THR India Venture and Taurus Investment holdings with the clause that the subsidiaries will remain fully-owned subsidiaries till project development is completed," said a Technopark official.

 

Taurus MD (Indian projects), Ajay Prasad, said his company, Taurus Investment Holdings, had received a Letter of Intent (LOI) from Technopark on Tuesday.

 

"We were waiting for the LOI and now that it has been received we can start working on the modalities of the framework agreement.

 

"Then we would have to get our SPVs in place in accordance with RBI guidelines which could take between 90-180 days after which we could get the lease agreement officiated," he said.

 

According to the government order, "The technical committee for the consideration of the Swiss Challenge Bid met to evaluate the offer. TIH's financial proposal was for paying an amount of Rs 2.699 crore per acre for the 9.74 acres of commercial land and Rs 2.076 crore for the 10 acre of SEZ land for developing IT/ITES space. The lease period was 90 years. The revised proposal by the government showed an enhancement of land value, which was negotiated with Taurus at Rs 5 crore per acre only for the commercial land to be allotted in the Technopark Phase III area."

 

Prasad said his company has started networking with possible clients for the IT/ITES space and also to raise Rs 72.57 crore required to get the project off the ground.

 

"Of the six different companies we've approached, three are fortune 100 companies," he said.

 

There are many projects in the pipeline including a hotel by Hilton group, however, THR India Ventures LCC, wants to begin its incubation centre at the earliest.

 

"For this we are in discussion with three universities, two German and one North American university.

 

"The incubation centre will be scaled up to 50,000 sq ft. We are also open to renting building space inside Technopark to start the seed hub for the incubators until our building is completed," he said.

 

Taurus Investment Holdings is also in the process of short listing its architect for the building masterplan, currently a choice between firms in Europe, Singapore and the US.