Taurus Investment Holdings (TIH)-promoted India Ventures LCC, the contract awardee for the Technopark Downtown project, is expected to sign a tripartite agreement with Technopark Trivandrum in November.
The agreement is in the wake of Technopark Trivandrum receiving the government order sanctioning 19.73 acres of land for 90 years to THR India Ventures LCC.
The framework agreement will be signed between Technopark, THR India Venture, and Taurus Investment holdings. The agreement will highlight the clause that the subsidiaries will remain fully owned till the project is complete.
Taurus MD (Indian projects) Ajay Prasad said that Taurus Investment Holdings had already received a Letter of Intent (LOI) from Technopark: “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 also said that his company has already started networking with possible clients—including Fortune 100 companies—for the IT/ITES space and also to raise Rs. 72.57 crore to set the project going.
While there are many projects in the pipeline, including a hotel by Hilton group, Prasad said that the company wants to set up its incubation centre at the earliest. In order to do this, it has already begun discussions with two German universities and one North American university.
Source: Times of India