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Last Updated Saturday December 07 2019 04:37 AM IST

Kerala signs pact for premium technology centre

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Kerala govt nod for Embassy Taurus World Technology Centre

Thiruvananthapuram: Giving a boost to the IT sector in the state, a tripartite agreement for setting up the 'Embassy Taurus World Technology Centre' at Technopark was signed in the presence of Kerala chief minister Pinarayi Vijayan.

"The Centre will impact Kerala's IT scene like never before," the chief minister said.

"The project will facilitate creation of 35,000 direct jobs and will help the state leapfrog to the status of a top tier-II destination in India," he said.

The land has been leased from Kerala government-owned Technopark for a period of 90 years. Of the 12.12 acre earmarked for office space, 10 acre is under the Special Economic Zone and 2.12 acre is non-SEZ, a company release said.

The agreement was signed between Embassy Property Development Pvt Ltd, Taurus Investment Holdings and Technopark.

About 2.8 million square feet premium Grade-A office space and another 5,00,000 sq ft Grade-A office space in the non-SEZ land parcel will be built under the project, the release said.

Jitu Virwani, chairman and managing director, Embassy Group; Erik Rijnbout, global president, Taurus Investment Holdings; Ajay Prasad, country managing director, Taurus Investment Holdings; M Sivasankar, state IT secretary; and Hrishikesh Nair, CEO of Technopark, Thiruvanathapuram, were among those present on the occasion at the chief minister's chamber in the Kerala Legislative Assembly Complex.

Chairman and managing director of Embassy, Jitu Virwani, said their foray into the state was in line with their vision to be part of the significant growth of SEZs in the country.

Ajay Prasad and Hrishikesh Nair also signed the lease agreement for Dragonstone Realty Private Limited which will be constructing retail and entertainment space and a 175-key business hotel in another 7.64 acres of non-SEZ land.

Embassy, a leading property developer in India with a track record of over three decades in real estate development, has an extensive land bank across the country.

It has developed over 45 million square feet of prime commercial, residential and retail space in India as well as Malaysia and Serbia.

Its portfolio of real estate developments spans the commercial, residential, industrial and warehousing, retail and hospitality segments of the real estate industry.

Taurus Investment Holdings, LLC, is a global investor, developer, owner and operator.

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