NRIs to invest Rs 1,500 crore in Hyderabad

News Posted - 2010-06-15

Hyderabad, June 1: The US-based Small and Medium Enterprise Consortium (SMEC) will invest over Rs 1,500 crore in Hyderabad, according to the minister for IT and communications, Mr Komatireddy Venkata Reddy, who is currently touring the US.

He appealed to the NRI business community to consolidate their overseas operations in Hyderabad and make it their destination city for IT and ITES needs.

In response, the companies have said they were keen to invest Rs 1,500 crore in a phased manner.

Several proposals were discussed during the meeting including the setting up of an incubation centre with immediate effect followed by development of a self- sustaining campus. About 4,000 youth are likely to get jobs with the business expansion plans of SMEC. Mr Venkata Reddy assured full support from the government.

Source: DC 2/6/2010