IT services major, HCL Technologies is all set to invest Rs 750 crore to set up two facilities in Andhra Pradesh that will also help create 7,500 jobs in 10 years.
The setting up of operations will take place in two phases. In the first phase, HCL will invest Rs 400 crore to build a R&D center in Kesarapalli village in Gannavaram. This facility is expected to accommodate more than 4,000 IT professionals.
While for the first phase the foundation stone laying ceremony will be held on October 8, the phase II will commence later in Amaravati, the new capital of Andhra Pradesh in a campus of 20 acres.
The investment in the Amravati facility is expected to be Rs 350 crore and will include about 3,500 IT professionals in five years' time.
The R&D centre in the first phase is expected to be completed in seven years' time.
Earlier, in JuneMoU was signed between the Andhra Pradesh Government and electronics manufacturing company Flextronics to set up their operations in Andhra Pradesh, with an aim to create over 2 lakh employment opportunities in electronics segment in coming years.
With the government investing in the electronics sector and now HCL building IT facilities, the job market in the state is expected to boom. At what pace will this development happen is something to watch out for.