Singapore bank to establish its global technology development centre at Hyderabad

Hyderabad: The Telangana government signed agreements with various IT companies, mobile phone and electronic manufacturers on the sidelines of the launch of the state’s new IT policy on Monday.

As many as 28 MoUs were signed between the government and company representatives in the presence of Chief Minister K. Chandrasekhar Rao, IT minister K.T. Rama Rao and other ministers as well as captains of IT industry and top government officials.

Value Labs, a Hyderabad-headquartered IT services company, will set up a state-of-the-art campus in Hyderabad with an investment of Rs 1,362 crore that will come up on 10 lakh square feet and will employ 10,000 professionals.

Karvy will establish a facility that will house about 5,000 employees. It will be its IT backbone for enabling its financial services.

Max-Touch proposes to build an assembly unit of cell phones, LED lights, induction lamps and LED television sets. It plans to commence monthly commercial production of 30,000 LED TVs, 1 lakh mobile phone units and 3 lakh LED lights.

LED manufacturers SPV will establish facilities in the LED cluster. An investment of Rs 500 crore will be made to create an employment potential of 5,000.

Kwality Photonics Pvt. Ltd. will set up India’s first global scale LED semiconductor plant in Telangana with an investment of Rs 200 crore over the next three years.

Axiom has agreed to establish its manufacturing facility for mobile phone chargers. The proposed plant will have the capacity to manufacture 6 million chargers per month and will provide employment to 2000 people directly and another 1000 indirectly.

The Development Bank of Singapore, the largest multinational bank in Southeast Asia, will establish its first global technology development centre here to develop its internal IT capabilities.

An MoU was signed on Monday between the Development Bank of Singapore and the Telangana government for the centre, which will eventually house about 1,500 employees supporting the bank’s global IT operations.

The T-Hub entered into agreements with YES Bank, Hewlett Packard, CISCO, Talent Sprint etc. Likewise, the Telangana Academy of Skill and Knowledge (TASK) signed MoUs with Microsoft India, ICICI foundation, SAP education etc.