Telangana attracts $500 million Investment from US: Minister

Hyderabad, May 28 (IANS): Telangana’s Information Technology Minister K. Tarakarama Rao on Thursday said he was able to attract $500 million investment to the newly-created state during his recent visit to the United States.

He told reporters here that his three-week-long visit to the US was successful as he was able to establish direct contact with IT honchos there.

During the visit, the state government signed a Memorandum of Understanding (MoU) with Google, which decided to build its largest campus outside the US in Hyderabad.

The minister said online retail giant Amazon was also building its largest fulfilment centre (warehouse) outside the US at Kottur near Hyderabad.

The minister said global investment and technology firm DE Shaw, in association with Blackstone Asset Management Company, will invest $200 million in Hyderabad to set up a facility.

“There are a lot more proposals in the pipeline which will be actionable in the foreseeable future,” he said.

KTR, as the minister is popularly known, said he met many venture capitalists in Silicon Valley and they have agreed to become mentors and advisors to T-Hub, the technology incubation facility coming up in Hyderabad.

He also said that union Minister Ravi Shankar Prasad will inaugurate T-Hub, the biggest technology incubation facility in India, in 15 to 20 days.

KTR, who is the son of Telangana Chief Minister K. Chandrasekhar Rao, said that by attracting new investment and initiatives like T-Hub, the government was confident of making Hyderabad the number one IT destination in the country within five years.

With Rs.57,000 crore IT exports, Hyderabad currently ranks second among Indian cities after Bangalore.

“We aim to double IT exports to Rs.120,000 crore in five years,” he said while claiming that the Telangana Rashtra Samithi (TRS) government was able to restore the investor community’s confidence in Hyderabad.

KTR, who earlier visited Dubai and Singapore, announced that he would visit Taiwan and Hong Kong next week to attract more investment.

He said the government was trying to attract manufacturing firms to Telangana for creation of low-end jobs.

He revealed that mobile phone manufacturers were also keen to set up their facilities in the state.

The minister said a team from Micromax, noted makers of smartphones, will soon be visiting Hyderabad to scout land for their facility.