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MoUs with 28 IT, electronic cos inked
Karvy, another city-based company which is into financial services, will set up state of the art facility that would house about 5,000 employees. It will be the IT backbone for enabling the company’s financial services.
Hyderabad: In a significant development, Telangana government on Monday inked memoranda of understanding (MoUs) with 28 information technology companies, electronic firms, mobile manufacturers and banks.
These agreements signed at the launch of Telangana IT policy here are expected to bring in cumulative investments of over Rs 2,000 crore and generate nearly 20,000 jobs City-based IT services company Value Labs has signed an agreement to set up a state of the art campus in Hyderabad with an investment of Rs 1,362 crore. To come up on over an area of 1 million sft, the centre will employ 10,000 professionals.
Karvy, another city-based company which is into financial services, will set up state of the art facility that would house about 5,000 employees. It will be the IT backbone for enabling the company’s financial services.
Electronics and electrical manufacturing firm Max-Touch propose to build an assembly unit of cell phones, LED lights, induction lamps and LED television sets. It plans to commence the commercial production of 30,000 LED TVs, 100,000 mobile phone units and 300,000 LED lights monthly.
LED maker SPV will establish its manufacturing facilities in the LED clustre. An investment of Rs 500 crore is committed and has an employment potential of 5,000.
Kwality Photonics Pvt. Ltd. will set up India's first global scale LED semiconductor plant in Telangana to produce 100 million LEDs per day with an investment of Rs 200 crore over next three years.
Axiom has agreed to establish its manufacturing facility for mobile phone chargers. The proposed plant will have capacity to manufacture 6 million chargers per month which will provide employment to approximately 2,000 people directly and 1,000 people indirectly.
UAE-based Aries Group will launch the world's first glasses free mobiles, tablets and televisions under the name of EPICA to revolutionise the electronics visual and consumer electronics industry in Telangana to roll out the futuristic products.
The other companies which signed agreements include Fractal Analytics, Development Bank of Singapore, Cisco, Microsoft India, CDAC and ICICI Foundation. Most of these MoUs are related to skill development.
