Telangana attracts more investments, partnerships from US
San Francisco/Hyderabad: Telangana attracts more investments from US-based companies late Monday evening as digital transformation services and solutions company, Grid Dynamics Holdings Inc., and investor in digital infrastructure real estate data center assets, Equity Partners, have announced their investments and expansion plans.
Grid Dynamics Holdings announced its plans to expand its existing delivery center in Hyderabad. The company will work to create new employment and internship opportunities across engineering capabilities to grow its presence in India.
The additional investment in Hyderabad operations was announced after a meeting in San Francisco, between chairman, Grid Dynamics, Lloyd Carney, director Grid Dynamics, Eric Benhamou, CTO and GM of Grid Dynamics (India), Rajeev Sharma, VP strategic sales and partnerships, Rahul Bindlish, and Telangana IT principal secretary Jayesh Ranjan.
On the other hand, Aurum Equity Partners, has set up a $250 million global private equity fund plan of which it has allocated $ 50 million to Hyderabad, for the development of data centers. At the same time,the company has committed $5 million to support deep tech startups in Telangana. In Q1, 2023, Aurum Venture Partners closed a $ 50million fund.
These announcements were made at an exclusive event hosted at the Gadar Memorial Hall in San Francisco by the Indian Consulate in collaboration with Aurum on May 22. Consul General of India, SFO, Dr. TV Nagendra Prasad, Telangana IT Principal Secretary Jayesh Ranjan, Special Secretary (Investment Promotion and External Engagement), Dr Vishnu Reddy, and CEO of T-Hub, Srinivas Rao Mahankali, attended the event.
Telangana and University of California partner to drive zero emission vehicle research and knowledge exchange
The India Zero Emission Vehicle (ZEV) Research Centre at the Institute of Transportation Studies, University of California, signed an MoU with the Telangana government to support the state's vision of providing its people with cost effective and environmentally sustainable mobility options with an aim to drive economic growth.
The 2-year MoU was signed with the aim to create a ZEV plan that will foster economic growth and development through clean road transport transitions in Telangana, making it the go-to destination for national and global vehicle manufacturers.
While India is the third-largest light-duty vehicle market globally, the State of Telangana contributes 7% of India’s three-wheeler sales, 5% of passenger vehicle sales, and 4% of two-wheeler sales. The state’s progressive EV Policy which was released in 2020 has a target 500,000 EVs by 2030.
This partnership also builds upon the existing collaboration between the State of Telangana and the State of California on alternative energy and innovation. Both states have also endorsed the Global MoU on Zero-Emission Medium- and Heavy-Duty Vehicles, strengthening their commitment towards decarbonising hard-to-abate sectors.
The MoU will facilitate collaborative activities, including policy research and design to accelerate clean transport transitions in Telangana, knowledge-sharing platform for policymakers and industry, showcasing Telangana's best practices in ZEV adoption to the international community, and building institutional capacities to support ZEV transitions.