NRI IT Businessmen to invest over Rs 1500 cr in Hyderabad

Hyderabad, Jun 2 : The NRI-owned Small and Medium Enterprise businesses have come forward to invest over Rs 1,500 crore in Hyderabad in three phases, Small and Medium Enterprise Consortium Chairman Mahender Musuku announced today.At a breakfast meeting held in USA with the CEOs of SME companies, State Information Technology and Communications Minister Komatireddy Venkat Reddy appealed to the NRI businesses to consolidate their voerseas operations in Hyderabad, India, and make it as their destination city for IT and ITES needs.In response, the businesses have expressed interest in making Hyderabad as their first choice for operations, provided the companies get equal playing field, good incentives in taxation and infrastructure support.Several proposals were discussed during the meeting, including setting up an incubation center with immediate effect followed by developing a self-sustaining campus. The Minister assured full support from the state government to enable these companies to start the operations immediately.Responding to the request of some of the companies to have immediate space available, the Minister offered to lease the currently available built-up space in the Madhapur area that is owned by the department at a reasonable price pending the approval from the Government.SMEs have proposed to setup an incupation center in the heart of the city of Hyderabad for administrative and front offices with an estimaed employment for over 2,000 people in the next two years.This would be followed by the campus in the vicinity of Hyderabad where in there would be a direct employment for around 10,000 people and indirect employment for around 40,000 people with an investment of over 1500 crore. The campus would be built in three phases with the 1st phase to be completed within two years of the approvals, if any.Mr Musuku mentioned that a similar proposal was pending with the government for more than two years and requested the Minister to look into the matter favaouably. The SMEs in USA had sustained operations in India and irrespective of the recession, had been' investing in future growth plans in India. The minister assured to take up the matter immediately with the Chief Minister and respond within 30 days.
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