Hyderabad, June 1 (IANS) Small and medium enterprises owned by Indian-Americans plan to set up an IT incubation facility here with an investment of Rs.1,500 crore.
Small and Medium Enterprises Consortium (SMEC) made the announcement when Andhra Pradesh Minister for IT K. Venkat Reddy, currently on a visit to the US, met CEOs of SMEs.
According to an official statement issued here Tuesday, SMEC chairman Mahender Musuku told the minister that SMEs would invest Rs.1,500 crore in three phases.
The CEOs expressed keen interest in making Hyderabad the first choice for their operations provided they get equal playing field, incentives in taxation and infrastructure.
An incubation centre, to be set up in two years for administrative and front offices, is expected to provide employment to 2,000 people.
While the centre will be set up in a leased facility in Hitec City, a permanent campus would be set up later with an investment of Rs.1,500 crore.
This is expected to provide direct employment to 10,000 people and indirect employment to 40,000 people.