Telangana Panchayat Raj and Information Technology Minister K Taraka Rama Rao informed that leading investment and technology development company D E Shaw, headquartered in New York, was willing to invest $200 million in Hyderabad.
D E Shaw, which has had a presence in Hyderabad since the last 20 years, announced the setting up of a new subsidiary company in Hyderabad called Arcesium, in partnership with Blackstone Asset Management.
D E Shaw will position 400 employees in Hyderabad by the end of the year, a number which will be doubled in the coming three years.
Arcesium will focus on providing key software and services for the post-trade activities of asset management companies.
This announcement was made by the Managing Director of D E Shaw Eric Wepsic in the presence of the minister.
Earlier in the day, former US Ambassador to India Frank Wisner agreed to serve as the Goodwill Ambassador for Telangana, offering his services to promote the state as a preferred investment destination among the international investors community.
Another significant meeting of KTR was with Ajay Banga, the President of MasterCard. Banga proposed assembling a group of leading private corporations to work with the government of Telangana in a PPP mode in the area of cyber security.
KTR goes to Pittsburg for the next leg of his USA tour. (INN)
filed in:Industry & Business, Telangana, K T Rama Rao