Hyderabad to become Indias 'Financial Hub'

After successfully placing Hyderabad on the global IT map, the state government proposes to promote it as the "financial district" of the country. A proposal to set up the district near the Hyderabad was approved by the state Cabinet on Tuesday.

The proposed Financial district would be set up in a 75-acre area at Khanamet on the outskirts of the Hyderabad. The basic objective of setting up the financial district will be to make the place highly attractive for the asset management and venture capital companies. The Cabinet has also decided to request the Central government to locate the office of the Insurance Regulatory and Development Authority (Irda) and also the proposed National Commodities Exchange in the financial district.
A working group consisting of financial experts with the chief minister as its chairman would work out the modalities of setting up the financial district. The Value of 75-acre land, which the government is providing for the project, would be treated as the state's share in the equity of the proposed project.

Andhra Pradesh Industrial Infrastructure(APIIC) has been appointed as the nodal agency whose main job would be to identify potential developers of the proposed district.

30th June'00