AP inaugurates Rs 120 crore IT complex

HYDERABAD: Andhra Pradesh would escalate from the present fifth position in software exports in India to the second position in the next three years, declared chief minister YS Rajashekara Reddy while inaugurating Cyber Pearl, the multi-storied IT complex in Hyderabad. Addressing the gathering, he added that the IT/ITeS industry has been growing steadily with over $1.1 billion in exports in 2003-04.

The Rs 120 crore Cyber Pearl was developed by a JV between India's L&T Infocity Ltd and Singapore based business solutions provider Ascendas Ltd. It was inaugurated by the Singapore Minister in the Prime Minister's office, and Secretary-General of the National Trades Union Congress Lim Boon Heng in the presence of Rajashekhara Reddy.

"In just a couple of months since its completion, 80 percent of the building has been occupied. MNCs like HSBC and US-based Market Tools, as well as local IT corporations such as Nipuna and Keane India have commenced their operations," said L&T Infocity-Ascendas Ltd (LTIAL) VP and Ascendas Ltd CEO Chong Siak Ching. "Ascendas is also coming up with an International Tech Park in Chennai," she added.

Built on six acres of land, the complex boasts of a health club and business center among other value-adding amenities. The seven-storied building caters to companies in IT, ITeS, BPO and call center operations.

Heng further added that India has a great potential of educated labor pool and hence is the location of choice for prospective investors.