Bank consortium to fund Technopark III

Thiruvananthapuram-based Technopark has tied up with a consortium of four banks - Indian Bank, Catholic Syrian Bank (CSB), Federal Bank and South Indian Bank -- to fund its Phase III development. The four banks with SIB as the consortium leader will extend a loan of Rs 220 crore to the IT park.

“This is the second consortium arrangement among banks for funding Technopark projects. Early this year, other four major banks — Central Bank of India, Bank of India, Indian Overseas bank and State Bank of Travancore -- joined together to fund the Technocity project's land acquisition programme worth around Rs 390 crore. This is in addition to Nabard funding of Rs 50 crore for Technopark Kollam project as soft loan,” said Mervin Alexander, CEO of Technopark.

The new IT building can accommodate 10,000 professionals and generate approximately 25,000 indirect employment. With the completion of Phase III, Technopark will create 75,000 job along with the co-developers in the SEZs.

The third phase will be developed over 92 acres and house one of India’s largest IT buildings with a total built-up area of one million sft. Support facilities like 110 KV sub-station, and water supply system are already in place while work on land development, internal roads, sewage treatment plant and canal embankment is on full scale.