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HCL to invest 500 crore in in Andhra Pradesh

By Swati Deshpande,

Added 16 May 2017

Investment to be made or a development centre, training facility and other ancillary facilities

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The Government of Andhra Pradesh executed an Agreement with HCL Technologies regarding HCL’s proposed facility in Vijayawada and Amaravati in Andhra Pradesh today. The agreement was executed between Government of Andhra Pradesh and M/s HCL Technologies, which were represented by B Sreedhar, IAS, Principal Secretary I/C Information Technology, Electronics and Communications Department, Government of Andhra Pradesh and Vineet Vij, Vice President – Legal, Commercial, Regulatory & Compliance, HCL Technologies respectively, in presence of Nara Lokesh, Minister of ITE&C, Panchayati Raj and Rural Development, Government of Andhra Pradesh and Shiv Nadar, Founder & Chairman - HCL, Shiv Nadar Foundation.

The parties executed a Memorandum of Understanding (MoU) on 30th March, 2017 wherein they agreed to the broad outline of the proposed investment by HCL in Andhra Pradesh.

HCL’s proposed facility in Vijayawada marks the first marquee investment by a leading IT company post the bifurcation of Andhra Pradesh. The company will invest Rs 500 crore in ten years, for a development centre, training facility and other ancillary facilities. HCL aims to hire, employ and train 5,000 local residents in the region across the two phases.

 

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