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"Hyderabad-The financial district in the making"
Hyderabad is proposed to be promoted as a major insurance capital in the mould of Hartford, Connecticut. In addition to major insurance companies it is proposed to attract major banking and other financial institutions to Hyderabad. It is further being explored as to how to make it attractive for Asset Management companies and Venture Capital companies to locate themselves in Hyderabad. It is also hoped that the Insurance Regulatory & Development Authority would locate its headquarters in Hyderabad. Further, attempts are being made to locate the National Commodities Exchange in Hyderabad and also upgrade the Hyderabad Stock Exchange to be specialized Exchange for knowledge based companies( Information Technology / Communications / Media/ Bio-Technology).
It is planned that the financial district will house the headquarters of Insurance Regulatory and Development Authority if it is sanctioned for Hyderabad and a world class Institute for Insurance Banking. This institute would be designed to provide long duration and short duration education and training program including programs in insurance and risk management, sales and broker training, banking and insurance technologies, etc. It is proposed to seek a tie-up with one of the best Universities such as Wharton School of Business and global insurance organization such as Limra & Loma. The institute itself would come up with world class facilities including an electronic library, video-conferencing facilities, conference room, classrooms, boarding facility, cafeteria, faculties facilities etc. This is expected to come up in an area of 10 acres.
It is proposed to provide space for banks and insurance companies to locate their head offices in this area. The allotment of space would be on the basis of first come first serve. It is expected that at least 6 to 8 insurance companies and 4 to 6 banks would set up their head quarters / back offices in this area.
Accordingly, the Government has identified and earmarked 100 acres of land near Hitec City, Hyderabad to develop this area as an insurance and finance center to house a large number of financial sector players and provide all necessary state-of-the-art infrastructure. This area is part of a high growth futuristic center for housing excellent organizations with a very inviting environment all around. The IIT, Indian School of Business, Jawaharlal Nehru Institute of Development & Banking Technology and some of the major campuses are located around this site. Adjoining this is the proposed 200 acre gulf course. In addition, in the same area, a convention center, a 5-star hotel and an exclusive residential colony is proposed. Thus in a short period this entire area would develop into a scenic place with world class educational and training institutions and a five star hotel and a world class convention facility overlooking the golf course.
Insurance companies, commercial banks, asset management companies and venture capital companies are invited to consider locating their offices in the proposed Financial District.
The entire financial district would have infrastructure providing unlimited power supply, optic fiber connectivity, satellite communications, security systems, connectivity to communications / payment gateways etc.
At some point in time it is also proposed to create an Offshore Financial Center in Hyderabad.
Financial
District to come up in City
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