Thiruvananthapuram: US-based Taurus Investment Holdings has entered into a joint venture with real estate major Embassy for developing the Taurus Downtown project proposed at Technopark Phase III campus. According to a statement from Taurus and Embassy, a joint venture called Winterfell Realty Private Limited has been formed to develop 2.3 million square feet office space in 10 acres of the Special Economic Zone area with an investment of around Rs. 850 crore. This will be Embassy’s first project in Kerala and known as ‘Embassy Taurus World Technology Centre, Trivandrum’.
Embassy will have an equity commitment of 49 per cent while Taurus Investment Holdings will retain the remaining 51 per cent. The joint statement also said that, in the first phase 1.4 million square feet office space would be completed in 24 to 30 months after commencing the work. The second phase will be launched subsequently and would be completed in 60 months.
Embassy chairman and managing director Jiti Virwani said in the statement, “Embassy Taurus World Technology Centre is strategically located and has tremendous potential, with well-known firms planning major developments in the region.” Taurus Investment Holdings country managing director Ajay Prasad said that the unmatched expertise of Embassy in office space development would help create Embassy Taurus World Technology Centre as a landmark project.