The Hindu Business Line : Bank of America to set up ITES centre in Hyderabad

JOINING a string of multinational companies that located their centres in Hyderabad, Bank of America, the third largest bank in the US, and Kanbay Inc, have decided to set up their strategic centres in the city.

"The banking major will set up an IT-enabled services centre through its subsidiary. We are going to sign a memorandum of understanding with that bank soon," Capt C.K. Veeresh, Joint Director (Promotion), Department of Information Technology and Communication, said.

Addressing a news conference here on Wednesday, he said the agreement was likely to be signed by the "end of the half-year."

Another global banking giant, HSBC would be commencing its two-lakh sq.ft facility at Visakhapatnam in March. The facility is being developed by L&T Infocity. Kanbay Software (India) Pvt Ltd has also firmed up its plans to set up a Global Learning Centre and development centre on a 15-acre plot at Nanakramguda. "An MoU would be signed shortly," Capt Veeresh said.

The Aga Khan Foundation, too, would set up a centre of excellence in education on a 50-acre plot adjoining the Hardware Park and the proposed international airport.

Meanwhile, L&T Infocity on Wednesday signed a memorandum of understanding with the Andhra Pradesh Government for the development of 10-lakh sq.ft "world-class IT office space" at Hi-Tec City at Madhapur at a cost of Rs 200 crore.

L&T Infocity is a joint venture between L&T and the Government of Andhra Pradesh, the latter having a 11 per cent stake.

The Centre for Development of Advanced Computing (C-DAC) would build its own campus at the Hardware Park for conducting high-end research in the areas like grid computing, hardware design and embedded systems design.

Mr Ajay Sawhney, Secretary (IT&C), Govt of AP, said Hyderabad had a unique advantage of having good strengths in information technology, biotechnology and pharmaceuticals.

Premier institutes like the International Institute of Information Technology (IIIT) would give the State leads in research.

"The next wave of opportunity would be in research outsourcing. A small group working elsewhere will coordinate its research activities with a larger group working here. This is going to be a major opportunity for us," he said.

He cited the `Shiva' and `Shakti' projects working on translation packages.

The IIIT would also be taking up `robotics project' in association from Carnegie Mellon University soon.

More Stories on : Foreign Banks | IT-enabled Services | Andhra Pradesh

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