Special Correspondent

Consortium of four banks to provide Rs.220 crore for construction of building under Phase 3 development

Thiruvananthapuram: Technopark has announced a tie-up with a consortium of four banks for a Rs.220-crore loan for the construction of a one-million sq.ft building under the Phase 3 development of the campus.

The consortium, led by South Indian bank, has Indian Bank, Catholic Syrian Bank and Federal Bank.

Senior officials of the banks met Chief Executive Officer Mervin Alexander and the finance team of Technopark and announced their willingness to fund the new-generation Green building.

“This is the second consortium arrangement among banks for funding the Technopark projects.

Early this year, we joined hands with four other banks to fund the Technocity land acquisition with Rs.390 crore. This is in addition to the NABARD soft loan of Rs.50 crore for the Technopark Kollam project,” Mr. Alexander said.

The new building will be able to accommodate 10,000 employees and can generate approximately 25,000 indirect employments.

With the completion of Phase III, Technopark will create 75,000 new jobs. Along with the co-developers in the special economic zones, it is set to become the largest employment creator in the country in the government sector.

“Technopark is very proud to join hands with the consortium banks in the prestigious expansion programmes of Technopark.

We expect the same co-operation from the banks for funding our future programmes also,” said K.C. Chandrasekharan Nair, Chief Finance Officer, Technopark.

Technopark Phase 3 will be developed over 92 acres of land and will house one of India's largest IT buildings. Support facilities such as a 110-kV substation and water supply system are already operational in this phase and work on land development, campus internal roads, water distribution, a sewage treatment plant and a canal embankment are in fast progress.