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DE Shaw to invest in Hyderabad
Leading investment and technology development company DE Shaw which has its headquarters in New York came forward to set up a subsidiary company called Arcesium in partnership with Blackstone Asset Management company. According to Minister for IT & Panchayat Raj K T Ramarao, DE Shaw has come forward for an investment of $200 million in Hyderabad. He said the company already has presence in Hyderabad for past 20 years.
Hyderabad: Leading investment and technology development company DE Shaw which has its headquarters in New York came forward to set up a subsidiary company called Arcesium in partnership with Blackstone Asset Management company. According to Minister for IT & Panchayat Raj K T Ramarao, DE Shaw has come forward for an investment of $200 million in Hyderabad. He said the company already has presence in Hyderabad for past 20 years.
He said DE Shaw will position 400 employees in Hyderabad by the end of the year and the number will be doubled in the coming three years. Arcesium will focus on providing key software and services for post-trade activities of asset management companies. This announcement was made by the Managing Director of DE Shaw Company Eric Wepsic in the presence of the Minister.
Earlier in the day, the KTR delegation met with former US Ambassador to India Frank Wisner, who is considered to be a leading influential public intellectual in that country. Even after completion of his tenure in India, Wisner has been maintaining close links with Hyderabad in the capacity of Chairman of the Deccan Heritage Foundation, which supports conservation initiatives of important monuments in the region.
Upon a request made by the Telangana minister, Wisner agreed to serve as Goodwill Ambassador for the newly formed State of Telangana, offering his services to promote the State as a preferred investment destination among the international investor community. Another significant meeting by K T Ramarao was with Ajay Banga, MasterCard president, considered to be the poster-boy of the Indian diaspora success story in the United States.
Banga appreciated the new initiatives in the Information Technology area of the Telangana government. He put forward a proposal of putting together a group of leading private corporations to work with the government of Telangana in a PPP mode to work in the area of cyber security. Since cyber security is a major global concern, impacting not just the corporations and governments, but also millions of citizens receiving their services, the opportunity given by Banga exclusively to Telangana government is a significant recognition of the capabilities of the IT ecosystem available in Hyderabad today.
Another port of call for the delegation was KPMG headquarters in New York where the Chairman of the organization John Veihmeyer met the Minister. KPMG offers advisory services to investors all over the globe. The minister explained the new industrial policy of Telangana State.
