TechnoparkToday.com>> Taurus Investment Holdings is all set to commence construction of the Taurus Downtown Technopark Project at Technopark, Thiruvananthapuram with leading construction firms like L&W, Singapore, Larsen & Toubro and Shapoorji Pallonji being invited to submit bids. The bid is for construction of the first phase of the project which has an area of 38 lakhs square feet, and the process is expected to be complete by the end of January, said Ajay Prasad, Managing Director of Taurus India, a fully owned subsidiary of Taurus Investment Holdings LLC.
The Special Purpose Vehicles formed by Taurus for the execution of the project are in the process of completing various formalities involved in transferring FDI funds to India. These processes are expected to take about eight weeks to complete, subject to regulatory approval. At the same time, Taurus is working with Technopark to complete formalities such as legal due diligence, related to signing lease agreements with Technopark. Taurus is expecting to receive all the due regulatory permits by March.
The master plan and concept design for the project have been finalised and work related to the detailed design and permitting is in progress, said Ajay Prasad. JLL and CBRE, the marketing consultants for various components of the Downtown project are in advanced discussions with potential tenants for the SEZ and non-SEZ components, a number of whom have already entered into agreements to lease space.
Taurus Downtown Technopark, with a projected total investment of Rs 2,000 Crores over its two phases, will involve the development of a city centre for Technopark with 50 Lakh square feet of IT SEZ and non- SEZ space. The project will include Class A office spaces and supporting facilities like world-class retail space, entertainment areas, F&B outlets, a business hotel and a state-of- the-art plug and play office facility for start ups and small businesses. The project is expected to generate about 25,000 direct and 75,000 indirect employment opportunities.