"H y d e r a b a d W a t
NRI IT Businesses to invest over Rs.1500 cr in Hyderabad
Sri KomatiReddy Venkat Reddy, Hon’ble Minister for IT, Communications , YS
(is currently on tour to US) is seen in a Meeting with Small and Medium
Consortium (SMEC) in US
Hyderabad|India|June'2010: The NRI owned Small and Medium
Enterprise businesses have come forward to invest over 1500 crores in
Hyderabad in 3 phases, announced SMEC (Small and Medium Enterprise
Consortium) chairman Mahender Musuku. At a breakfast meeting held in USA
with the CEOs of SME companies Sri Komatireddy Venkat Reddy, Minister for
IT&C Govt. of A.P. has appealed to the NRI businesses to consolidate their
overseas operations in Hyderabad , India and make it as their destination
city for IT and ITES needs. In response to this the businesses have
expressed interest in making Hyderabad as their 1st 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 has assured full support from the Govt. of A.P.. 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 Govt.
SMEs have proposed to setup an incubation center in the heart of the city
of Hyderabad for Administrative and front offices with an estimated
employment for over 2000 employees in the next 2 years. This would be
followed by the campus in the vicinity of Hyderabad where in there would
be a direct employment for around 10000 employees and indirect to around
40000 employees with an investment of over 1500 cr. The campus would be
built in 3 phases with the 1st phase to be completed within 2 years of the
approvals, if any.
Mr. Musuku has mentioned that a similar proposal is pending with the Govt.
for more than 2 years and requested the Minister to look into the matter
favorably. The SMEs in USA have sustained operations in India and
irrespective of the recession, had been investing in future growth plans
in India . The minister has assured to take up the matter immediately with
the CM Sri Rosiah and respond within 30 days.
SMEC is a small medium enterprise consortium based in US
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