Technopark ties up with group of banks for funding

The Technopark here has tied up with a consortium of banks for raising Rs 220 crore towards construction of the proposed 1 million sq ft building in its third phase of development. The team of banks comprises Indian Bank, Catholic Syrian Bank, Federal Bank and South Indian Bank.

Technopark CEO Mervin Alexander said this was the second time that Technopark was tying up for funding with a bank consortium. Earlier this year four other banks, Central Bank of India, Bank of India, Indian Overseas Bank and the State Bank of Travancore had funded Rs 390 crore for land acquisition for the TechnoCity project.

In addition, Nabard has agreed to fund Technopark’s Kollam project with a Rs 50-crore soft loan, Alexander said. Technopark CFO KC Chandrasekharan Nair said the park expected bank funding for its future programmes, too.

The proposed new green building is designed to accommodate 10,000 staff and generate 25,000 indirect jobs. With the completion of Technopark’s phase III of development, the park expects to have a total staff count of 75,000. Phase III of the park is being developed over 92 acres, and the centre piece will be a 1 million-sq ft building.

source: rediff news