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Telangana pulls in investments worth $500 Million
Telangana\'s Information Technology Minister K. Tarakarama Rao’s three week long US visit to garner investments for the state has turned out to be successful. The IT Minister on Thursday informed that he was able to establish direct contact with IT honchos in United States and pull in investments worth $500 million for the state.
Telangana's Information Technology Minister K. Tarakarama Rao’s three week long US visit to garner investments for the state has turned out to be successful. The IT Minister on Thursday informed that he was able to establish direct contact with IT honchos in United States and pull in investments worth $500 million for the state.
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During the visit, a Memorandum of Understanding (MoU) was signed by the state government with Google to build its largest campus outside the US in Hyderabad. With Online Retail Giant Amazon, largest fulfillment centre (warehouse) outside US will be built at Kottur near Hyderabad. Global investment and technology firm DE Shaw, in connection with Blackstone Asset Management Company will set up a facility in Hyderabad investing $200 million.
KTR also said that many venture capitalists in Silicon Valley have agreed to become mentors to T-Hub, the technology incubation facility to be set up in Hyderabad and that many more proposals will take form in the future.
The IT Minister announced that his next visit in the coming week would be to Taiwan and Hong Kong for more investments as the government is seeking manufacturing firms to Telangana for creation of low-end jobs. Revealing that the mobile phone manufacturers were also keen to set up their facilities in the state, KTR said that the noted makers of smartphones, Micromax will visit Hyderabad to set up their facility.
Hyderabad with Rs.57, 000 crore IT exports ranks second among the Indian cities while Bangalore ranks first.
