The signing of an MoU for a comprehensive zero emission vehicle roadmap between Telangana government and the University of California as well as Aurum Equity Partners, Clovertex and Grid Dynamics Holdings plans for Hyderabad were announced after meetings Industries and IT Minister K.T. Rama Rao’s and officials accompanying him had with the entities in the U.S.
“I am delighted to know that Clovertex decided to establish its India centre in Hyderabad. This will be their first centre outside of the headquarters in Boston and they will be investing around ₹100 crore over the years and hire 100-150 employees to begin with” Mr. Rao said in a release.
Scientific cloud computing provider for the Life Sciences industry Clovertex aims to do advanced bioinformatics and big data analytics work from their Hyderabad centre, a release from the Minister’s office said after a meeting between the firm’s management team led founder and CEO Kshitij Kumar and Mr.Rao.
In another announcement, digital transformation services and solutions provider Grid Dynamics Holdings said its plans to significantly expand its existing delivery centre in Hyderabad. The company will work to create new employment and internship opportunities across its diverse engineering capabilities. The additional investment was announced after a meeting in San Francisco between Chairman of the Board Lloyd Carney and Industries and IT Secretary Jayesh Ranjan.
Aurum Equity Partners, which invests in fast-growing digital infrastructure real estate data centre assets, has allocated $50 million from its $250 million global private equity fund plan to Hyderabad for development of cutting-edge data centres. Aurum Venture Partners has committed $5 million to support deep tech startups in the State .
Under the MoU, the India Zero Emission Vehicle Research Centre at the Institute of Transportation Studies, University of California, and the State Industries Department will work to create a comprehensive ZEV plan aimed at fostering economic growth and development through clean road transport transitions in Telangana.
5,000 jobs
In a tweet, the Minister said asset management company State Street, which has over $40 trillion under its custody, is “expanding big in Hyderabad by adding 5,000 new jobs. It will be big boost to Hyderabad’s banking, financial services and insurance sector.”
Hyderabad will become the second largest presence for State Street after its Boston headquarters. “Not only are they hiring some exciting jobs under AI augmentation, Data Analytics and emerging technologies, State Street is housing global roles for Accounting, HR, and others in the Hyderabad,” he said.
