US-based Fortune 500 life insurance giant Massachusetts Mutual Life Insurance Company (MassMutual) today announced the launch of its MassMutual Global Capability Centre (GCC) in Hyderabad's Financial District, which marks the company's first foray into India.
The 170-year-old firm aims to find new talent in technology, engineering and research & development through the expansion.
Ravi Tangirala, head of MassMutual India, and Arthur Riel, head of Core Technology of the company, held a virtual meeting with IT and Industries Minister K T Rama Rao today to discuss the expansion, following which the latter revealed that firm would be investing over Rs 1,000 crore in its Hyderabad GCC.
"Hyderabad has been witnessing a surge in significant foreign investments in recent times despite the ongoing pandemic. The newest in this series of investments is that of Massachusetts Mutual Life Insurance Company that has chosen to open its first overseas branch in Hyderabad. The fact that MassMutual has chosen our city to establish the centre is testimony to the investor-friendly policies offered by the Telangana government," Rao said.
"I look forward to a fruitful association with the firm, and hope that its decision to set up an office in the capital will prove to be beneficial to the region's economy," he added.
Principal Secretary (IT and Industries) Jayesh Ranjan and IT department Chief Relations Officer Amarnath Reddy Atmakuri were among the other officials who attended the virtual meeting.
MassMutual had been in talks with the Telangana government regarding the expansion since October last year, after it carried out an analysis of various potential sites in which to launch its India GCC. Once it had decided to go ahead with the expansion, the firm leased about 1.5 lakh sq ft in the Vamsiram's BSR IT SEZ, in Nanakramguda's Financial District, for its office.
The investment has been welcomed by the government since it is expected that the company's presence will churn up significant employment opportunities for the city's youth. It has already started enlisting workers, and has hired about 300 employees so far.
MassMutual's decision to invest in the city follows the decision of MOURI Tech Global Enterprises, a US-based business, to invest Rs 500 crore
in the two Telugu-speaking states.