Small and Medium Enterprise Consortium chairman Mahender Musuku on Wednesday said that Hyderabad will soon get investments of over Rs. 1,500 crore in the IT and ITES sector.
The decision to invest in the city by SME businesses owned by NRIs came after Information Technology and Communication Minister Komatireddy Venkat Reddy had earlier in the day appealed to them to consolidate their overseas operations in Hyderabad and make the city their destination for IT and ITES needs.
Venkat Reddy’s plea came in at a breakfast meeting in the USA.
The SME bosses sought assurance on the playing field, incentives in taxation, and infrastructure support; to which Venkat Reddy assured support from the state government and sought the immediate start of the SME operations.
The SMEs then sought office space, to which plea Venkat Reddy offered to lease the currently available built-up space in the Madhapur area that is owned by the department. He said the space would be made available at a reasonable price pending approval from the government.
The SMEs have proposed to set up an incubation centre in the heart of Hyderabad for administrative and front offices, with an estimated employment for over 2,000 people in the next 2 years.
This would be followed by a campus in which there would be direct employment for around 10,000 people and indirect employment to around 40,000 people, with an investment of over Rs. 1,500 crores.
The campus would be built in 3 phases, with the 1st phase to be completed within 2 years of the approvals, if any.