T’puram: Technopark has sought a Rs 350-crore term loan to finance the completion of its ambitious QUAD IT Building project at Technocity, the IT Park’s Phase IV campus at Pallipuram.The loan is being sought to meet a major portion of the project cost of Rs 432.57 crore, excluding the cost of land. The proposed QUAD IT building has a built-up area of 8.97 lakh sq ft and is expected to add substantial new IT infrastructure to Technopark’s expanding Phase IV campus.Technopark has invited expressions of interest (EOI) from scheduled commercial banks and financial institutions for the Rs 350-crore loan. The IT Park will contribute Rs 82.57 crore from its internal resources towards the project cost. The loan will be repaid primarily from the rental revenue generated by the project.The project is expected to strengthen Technopark’s ability to accommodate more companies and create additional employment opportunities as the new space becomes operational.QUAD is among the major developments planned at Technocity. Addition of nearly the 9 lakh sq ft of built-up space will significantly increase the IT Park’s capacity and help attract more investments and companies to the campus.The proposed borrowing also reflects Technopark’s strategy of using institutional financing to accelerate infrastructure development while relying on the revenue generated by the completed project for repayment.Following requests from participating lenders for additional time for their internal appraisal and approval procedures, the deadline for submitting proposals has now been extended to Sept 15.“The decision to revise the benchmark and extend the deadline has been taken to facilitate wider participation by banks and financial institutions and ensure competitive price discovery for the Rs 350-crore facility,” a senior Technopark official said.The sealed EOI proposals will be accepted until 5pm on Sept 15 and will be opened at 3pm on Sept 16 at Park Centre, Technopark.Technopark officials said the other major terms of the original EOI would remain unchanged.
