Tuesday, November 30, 2021
BusinessHyderabad, an investment magnet

Hyderabad, an investment magnet

Published: 10th Jun 2021 11:43 pm | Updated: 11th Jun 2021 12:51 am

Hyderabad: Hyderabad emerged as the most preferred IT destination over the last seven years. The city has attracted some marquee names and global brands into the city.

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“What we accomplished over these seven years with all the new brands that came to Hyderabad is a great story to tell. Each investment is a story by itself and a significant milestone. We were able to get over 20 marquee Fortune 500 companies, all of them being global leaders in their own space,” IT Minister KT Rama Rao said.

“In 2014, when I addressed the IT fraternity for the first time, I felt there are three things that are missing in the previous five years of Government- lack of will to take decisions, lack of decisive leadership and economic conditions. Today, we have the will grow and the desire to be the best. There is no better leadership than our Chief Minister provides for the State,” KTR said.

Recollecting the efforts to ensure that Hyderabad remained an investment magnet, he said Government of Telangana signed an MoU with Google in 2015 at the latter’s Mountain View, CA for Googles largest campus outside of their headquarters in Nanakramguda, the minister said.

Investments

Apple inaugurated its largest tech development centre outside of US in the Financial District.

Also, Amazon over the years has chosen Hyderabad for its largest campus in the world after their headquarters in the Financial District. It spans 3 million sqft and the single tower is larger than any single building for Amazon globally, he said.

Amazon also launched its India’s largest fulfillment centre in Hyderabad- a 1.3 milion sqft space with 1.6 km conveyor belt. Amazon Web Services has finalised an investment of Rs 20,761 crore ( $2.77 billion) to set up three data centres. The investment by Amazon is the largest FDI so far in the history of Telangana, the minister said.

Salesforce, which inaugurated its only Centre of Excellence and its largest facility outside of San Francisco in Hyderabad, now employs more than 2,000 people. Uber too has is CoE in Hyderabad, the first in Asia and fifth across the world. Micron launched its largest development centre in Hyderabad in October 2019 and now has more than 2,500 employees.

StateStreet, which administers 40 per cent of the assets in the US mutual fund market, set up its largest presence globally in Hyderabad in November 2011. It now has more than 3,000 people working, he said.

Also Development Bank of Singapore, which has its only technology development center outside of Singapore, came here in May 2016. It planned to have 1,500 people and now it has crossed 3,000 people.

Fiat Chrysler, Mass Mutual, Intel, Providence, Goldman Sachs, ZF, UBS, Mphasis, Pepsico and Legato have set up operations in the city.

“PepsiCo set up its largest business services and IT hub in Hyderabad in September 2019. It had a plan to hire over 2,500 employees,” the minister said.

In addition to the above, companies such as Facebook, Qualcomm, Accenture, Wells Fargo, Xilinx, Microsoft, Infosys, TCS, IBM, Tech Mahindra, Cognizant, Wipro and other companies have scaled up significantly in Hyderabad, Rao said.

Hyderabad has crossed Bengaluru for two quarters in office space consumption. No other metro has done for decade since Bengaluru took the early mover advantage, KTR said adding that Hyderabad rose to number 1 in the city momentum index replacing Bengaluru, he said.


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