KOCHI: The Boston headquartered Taurus India, which recently got the cabinet approval for investing Rs 1,200 crore in the Technopark phase III project in Kerala, is eyeing projects worth 500 million US dollars in the next five years in India. Describing India as a 'great market', Taurus India Managing Director, Ajay Prasad said "we are looking to invest $500 million in India in the next 5 years".
"We will be looking for investment avenues in other IT destinations of India including Bangalore", he said, adding, the company wants to create a similar iconic facility in Kerala by developing the Thiruvanathapuram property. It proposes to invest about Rs 700-800 crore to develop about 24 lakh square feet space in the first phase of the Thiruvananthapuram project, which is expected to be started in the first half of next year. 'We are currently looking to break ground by April 2015', Ajay Prasad told reporters in a video conference press meet from Boston last night.
"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 to launch the project named `Taurus Downtown Technopark' in April 2015", Prasad said. The unique selling point of the Thiruvananthapuram project would be an innovation-cum-incubation centre for which the company would team up with one of the top five technology firms in the world. The project is structured on a 1:1 debt-to-equity ratio with the equity part fully capitalised by the parent company Taurus PE.
Asked if they had any apprehensions about investing in Kerala, which is known for its strong trade unions, he said unions are far stronger in US than in Kerala. 'We have chosen Kerala deliberately as there is lot of potential. Kerala accounts for only 1-1/2 per cent in IT space. The Technopark project is expected to generate around 25,000 direct employment and 75,000 indirect jobs.
Taurus India is a fully owned subsidiary of Taurus Investment Holdings. Set up in 1976, Taurus is a Real Estate Private Equity Investment and Development company, which has entered diverse markets such as Israel, Argentina and Turkey.