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Taurus kickstarts first investment in India with Downtown in Kerala

construction, real estate, buildingThe US-based real estate private equity major Taurus Investment Holdings (TIH) has kickstarted its first investment in India, in collaboration with Embassy Group and Asset Homes, through a $200 million project to create IT space and social infrastructure in Technopark, a government-owned IT Park in Thiruvananthapuram. This is one of the major infrastructure development projects in Kerala, focusing on the IT sector.The project was launched on Friday by Chief Minister Pinarayi Vijayan, who on Thursday said that IT firm Fujitsu is exploring the opportunity to set up shop in the State, after Nissan Motor’s digital hub and Tech Mahindra’s plans to set up its office in the State.Taurus’s JV project, named Downtown Trivandrum, is designed as a mixed-use project with 5.5 million sq ft of built-up space in 20 acres of land located within Phase 3 of Technopark. The project will consist of Embassy Taurus Tech Zone (ETTZ), an office complex of 3.3 million sq ft of IT workspaces, Taurus Zentrum, a 1.2 million sq ft retail and entertainment centre and Asset Taurus Identity, a 315 units of serviced residences and a 200 key Business Hotel.ETTZ is expected to offer space to technology firms, even before the construction of the first phase of SEZ office building gets completed in 2020. With 800 estimated seats on two floors, companies are expected to kick-start their operations in ETTZ as early as March 2019. ETTZ is expected to generate 30,000 plus direct jobs. Major coworking service provider WeWork is also expected to establish a facility in ETTZ.Taurus and Embassy are in advanced discussions with multiple technology majors to be taking up space in TechZone.Preliminary work, including test piling, is already underway and construction work is expected to start by the first week of November with an expected completion date in mid-2020, said the company.Meanwhile, the investment by Nissan Motor India for its first digital hub in Kerala continue to help the State to attract IT firms, with Fujitsu the latest to explore opportunity to set up its facility in the state. Earlier, the Nissan investment has attracted its supplier Tech Mahindra to set up its shop in the state.Fujitsu is also a supplier to the Japanese automaker. The management of Fujitsu has met Kerala government to further discuss its plans to set up shop in the State.“Fujitsu, an IT giant, held talks with Chief Minister Pinarayi Vijayan about commencing their operations in the state. A Global 500 company, Fujitsu is a major supplier of Nissan,” said the Chief Minister’s office.Fujitsu’s global VP and India head Shrikant Vaze, senior executive Manoj Nair and the Chief Information Officer of Nissan Motor Corporation Tony Thomas visited the Chief Minister for the discussions, it added.Earlier, Tech Mahindra, another supplier to Nissan, has picked up around 12,000 sq.ft in the city to set up an IT Center, which will cater its global clients.Nissan Motor earlier this year announced a digital hub in Thiruvananthapuram. The company has signed an agreement with the Kerala Government to set up a new global digital hub at Thiruvananthapuram.Kerala, which has been rebuilding a large part of its infrastructure following the once-in-a-century deluge destroyed the livelihood of thousands across 12 out of 14 districts, is back to the job of attracting investment, said the government officials.
Source: Business Standard