News Sourced from “Times of India” dated 26.10.2013
Technopark’s Swiss Challenge bid inviting developers to counter the original proposal submitted by Taurus Investment Holdings and its partners Hansji Corporation and Rose Global LLC to create a business district in technopark Phase II has found no takers. With the extended deadline for submitting bids ending on Thrusday, Taurus Investment Holding’s bid with a foreign direct investment of around Rs.1,200 crore will become one of the single largest offers by a US-European entity for Kerala.
M.Vasudevan, senior business development manager,Technopark, confirmed that there were no takers when the Swiss Challenge bid was closed on Thursday evening.”According to terms of the Request for Proposal published, the original proposer has the right to get the project. The technical committee of the board has to decide and recommend this to the government. It will then be the discretion of the government.” A senior Technopark official said.
Boston based real estate firm Taurus Investment had submitted a proposal to develop around 2,500,000 sq.ft of built-up space on a 90-year lease in January. Three developers-Infrastructure & Financial Services (IL&FS), Lulu Group and Infrastructures Kerala (INKEL)- had expressed interest in the project.”At the pre-bid meeting, IL&FS appeared keen on the project, but it did not submit any bid. INKEL and Lulu Group had written to us, seeking an extension on the first bid due date, September 24. Despite granting a one month extension till October 24, they have not submitted any proposal.” the official said.
Taurus has developed over 2 crores sq.ft commercial and residential space across eight countries in three continents. The company directly manages over Rs.12,000 crores of assets that include knowledge parks in the US and Argentina. Together with its partners, Hansji Corporation and Rose Global, Taurus has proposed to develop 2,500,000 sq.ft of world class facilities with an investment of over Rs.1,200 crore. Anchoring the development will be 15 to 20 lakh sq.ft of IT office space, which will provide employment to over 20,000 IT professionals.
The rest of the project will be made up of hotels, shopping facilities and a convention centre.The proposed investment is the single largest by a US-European firm in Kerala and is widely expected to serve as a major endorsement of Kerala as an investment destination for international firms. Technopark has one of India’s biggest technology office clusters with more than 42,000 IT professionals working in over 300 companies, including some of the biggest names in the industry.