Embassy partners with US-based Taurus for developing SEZ in
Property developers Embassy today said it has entered into an agreement with US based Taurus Investment Holdings for developing a Special Economic Zone in Thiruvananthapuram.
Embassy through its entity Embassy Property Development Pvt Ltd, has entered into an agreement with Taurus Investment Holdings, a Real Estate Private Equity Investment and Development Company headquartered out of Boston, to form a joint venture called Winterfell Realty Private Limited to develop an SEZ property, the company said.
This will be Embassy's first project in Kerala and it will be known as Embassy Taurus World Technology Centre, Trivandrum, it said in a release.
Embassy said it will have an equity commitment of 49 per cent, while Taurus Investment Holdings will hold the remaining 51 per cent.
The partnership entails an economic interest of 50: 50 for both entities in the Joint venture, it said, adding that, this partnership strengthens Embassy's Commercial office space portfolio and development of SEZs in key strategic locations.
"The establishment of SEZ in India has been envisaged as an important strategic tool to expedite the growth of international trade and services.
We are committed to be a part of this significant growth, with our exclusive SEZ project developments across locations," Embassy Chairman & Managing Director Jitu Virwani said.
Embassy Taurus World Technology Centre will be constructed within the existing Techno park primarily on a 10-acre SEZ land parcel, as part of a mixed-use development spread across a total of 20 acres, the company said.
It said the office component will encompass 2.3 mn sq feet i.e. 65 per cent of the total area of the larger project, with the rest to be developed as retail and a hotel.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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