Embassy, Taurus to form JV for Rs 900-cr project in Kerala
Realty firm Embassy group today said it will form a joint venture with US-based Taurus Investment Holdings to develop commercial projects, including an SEZ, in Kerala at an investment of about Rs 900 crore.
Taurus and Bengaluru-based Embassy will develop a 10-acre SEZ project at Trivandrum comprising 1.4 million sq ft of office space through a joint venture firm Winterfell Realty.
Taurus will have 51 per cent stake in the JV while Embassy will hold 49 per cent, although the economic interest will be equal between the two partners.
In another 10-acre of non-SEZ land, Embassy and Taurus will form separate JV to develop 0.9 million sq ft of office space in the second phase. Taurus will independently develop 1.2 million sq ft of retail space and a hotel on this land.
"We are entering into a JV with Taurus Investment to develop 2.3 million sq ft of office space in two phases. This will be our first project in Kerala," Embassy group CMD Jitu Virwani told
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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