MassMutual to set up Rs 1,000 crore global facility in Hyderabad
Interacting with IT and Industries Minister KT Rama Rao over a video conference on Monday, the company representatives made an announcement in this regard.
Hyderabad: US-based ‘Fortune 500’ life insurer Massachusetts Mutual Life Insurance Company announces launch of its MassMutual Global Capability Center (GCC) in Hyderabad as it entered India. MassMutual India’s new office has been opened in the city’s Financial District, boasting a superior infrastructure and amenities. It aims to attract global talent in technology, engineering, and research and development, adding to continued hiring in these areas by the company in the US.
Interacting with IT and Industries Minister KT Rama Rao over a video conference on Monday, the company representatives made an announcement in this regard. The company plans to invest over Rs 1,000 crore in its Hyderabad-based GCC.
MassMutual, a 170-year old top Fortune 500 organisation and a world leader in the Insurance and the Finance industry, has been engaged in multiple meetings with the State government since its leadership team first visited Hyderabad in October 2019. The company evaluated several global cities before narrowing it down to Hyderabad. The company chose Hyderabad following a market analysis indicating a strong talent pool, favorable infrastructure and easily accessible enablement services.
Speaking on the occasion, Minister KT Rama Rao said Hyderabad has witnessed several marquee investments in recent times, notwithstanding the prevalent pandemic. “MassMutual choosing Hyderabad to establish its first Global Capability Center outside USA, is a testimony to the investor friendly policies and the value proposition offered by Hyderabad city and Telangana State,” he said. He appreciated the efforts of MassMutual India head Ravi Tangirala in establishing a world-class organisation in Hyderabad, India in a record time.
Ravi Tangirala said the opening of a Global Capability Center in India will help the life insurance company remain on the cutting edge of technological advancement given the high-level of expertise in this market. “We look forward to growing our global team in Hyderabad in order to help MassMutual retain its standing as an industry-leading innovator. With expertise complementing our current innovation leadership in the US, we hope to become one of the great places to work in India, while helping grow the regional economy,” he added.
MassMutual has leased about 1.5 lakh sft in the Vamsiram’s BSR IT SEZ in the Financial District in Nanakramguda. The company has already started hiring and hired about 300 employees till date and is looking forward to hire more engineers for its digital transformation. “We are confident in the quality of talent here – a mature workforce with a strong understanding of technology and business will help achieve MassMutual’s innovation goals,” said Arthur Riel, head of Core Technology at MassMutual.
Principal Secretary for It and Industries Jayesh Ranjan and Chief Relations Officer for IT department Amarnath Reddy Atmakuri, and other officials were also present.
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