HCL To Invest Rs. 750 Crores in AP Over 10 Years
HCL Technologies has announced plans to establish a base of operations in the state of Andhra Pradesh, according to an official statement from the company. The plan will see Rs. 750 crores being invested in the state by the company in two phases at two identified locations. The first phase will see a research and development centre being set up in Kesarapalli village that will accommodate 4,000 IT professionals of the 7,500 jobs that the company has promised to create, in the state as part of this plan. The cost of this phase of the project is estimated to be Rs. 400 crores. There will be a ceremony around the laying of the foundation stone for this project that will take place on Monday, October 8, 2018. The project as part of this phase of the overall plan by HCL is expected to take seven years to complete.
The second phase of the plan will see the setting up of a 20-acre campus in the new capital of Amaravati and use the remaining Rs. 350 crores that have been allocated to this expansion. Phase II will be completed in five years’ time and will provide jobs to the remaining 3,500 IT professionals that were part of the overall plan.
This is the latest in a long line of large-scale investments in Andhra Pradesh, by national and multinational companies alike, in the last few months. Andhra Pradesh has positioned itself as a haven for high-tech manufacturing and business investments in general.