D.E.Shaw to set up a 200-million unit in Hyderabad: KTR
- KTR meets with many industrialists in the U.S
- Meets Indian diaspora in New Jersey
HYDERABAD: Minister for IT & Panchayat Raj Rama Rao today said internationally reputed leading investment and technology development company D.E.Shaw & Co., headquartered in New York, came forward for an investment of 200 million dollars in Hyderabad.
Rao said the company, which has its presence in Hyderabad since the past 20 years, announced setting up of a subsidiary company in Hyderabad called “Arcesium” in partnership with Blackstone Asset Management Company.
The company will position 400 employees in Hyderabad by the end of the year, and the number will be doubled in the coming three years. Arcesium will focus on providing key software services for post-trade activities of asset management companies, he said.
Managing Director Eric Wepsic in the presence of the Minister made this announcement.
Earlier in the day, Rao’s delegation met with former US Ambassador to India Frank Wisner, who is considered to be a leading influential public intellectual in that country. Even after completion of his tenure in India, Wisner has been maintaining close links with Hyderabad in the capacity of Chairman of the Deccan Heritage Foundation, which supports conservation initiatives of important monuments in the region. Upon a request made by Rao, Wisner agreed to serve as Goodwill Ambassador for the newly formed State of Telangana, offering his services to promote the state as a preferred investment destination among the international investors community.
Another significant meeting by Rama Rao was with Ajay Banga, Master Card president, considered to be the poster-boy of the Indian diaspora success story in the United States. Banga appreciated the new initiatives of the government in the Information Technology area.
He put forward a proposal of putting together a group of leading private corporations to work with the government in a PPP mode to work in the area of cyber security. Since cyber security is a major global concern, impacting not just the corporations and governments, but also millions of citizens receiving their services, the opportunity given by Banga exclusively to Telangana government is a significant recognition of the capabilities of the IT ecosystem available in Hyderabad today.
Another port of call for the delegation was KPMG headquarters in New York, where the chairman of the organization, John Veihmeyer, met the Minister. KPMG offers advisory services to investors all over the globe. The minister explained the new industrial policy of Telangana State and Veihmeyer expressed his admiration for the policy saying he has not seen such unique and radical features in the best laid-out policies elsewhere. Veihmeyer was briefed about the forthcoming global investment summit taking place in Hyderabad in February next year. KPMG has supported many governments across the world and also various Indian states in organizing such events. He offered KPMG to become the knowledge partner to the Telangana government for this summit.
Parag Saxena, CEO of new silk route, an investment company that has made successful investments in over 300 start-ups worldwide, called on Rao at an exclusive meeting organized in Rockefeller Centre in New York. Saxena is not only considered an astute investor in the West, but also widely recognized and honored in India. He is a member of Prime Minister’s Task Force on FDI in India. Rao presented the concept of T-Hub to Saxena, which is likely to position Hyderabad as the start-up capital in the country. Saxena found the T-Hub idea to be quite compelling and agreed to serve as a mentor in T-Hub.
Throughout the day, many distinguished industry leaders interacted with Rao’s delegation, including representatives from UST Global, Merrill Lynch, Citibank, and Water Health, to name a few.
At the end of the day, Rao interacted with the Telugu diaspora located in New Jersey in Edison. The delegation now moves to Pittsburg for the next leg of its USA tour. (NSS)