Hyderabad: New York-headquartered investment management firm DE Shaw has come forward to invest USD 200 million in Hyderabad, Telangana IT Minister K T Rama Rao, who is currently on a visit to the United States, has said.
The company has a presence in Hyderabad since the past 20 years, and announced the setting up a new subsidiary company here, called Arcesium, in partnership with Blackstone Asset Management company, Rama Rao said in a statement issued here.
"DE Shaw will position 400 employees in Hyderabad by the end of the year, a number which will be doubled in the coming three years," the statement said.
"Arcesium will focus on providing key software and services for post-trade activities of asset management companies. This announcement was made by the Managing Director of DE Shaw Company Eric Wepsic in the presence of the Minister."
Earlier in the day, the Rama Rao-led delegation met with former US Ambassador to India, Frank who has maintained close links with Hyderabad in the capacity of Chairman of the Deccan Heritage Foundation, which supports conservation initiatives of important monuments in the region, it said.
Upon a request made by the Minister, Wisner agreed to serve as the "Goodwill Ambassador" for the newly formed state of Telangana, offering services to promote the state as a preferred investment destination among the international investors community, the statement said.
Rama Rao also had a meeting with Ajay Banga, President of MasterCard, and the latter put forward a proposal of putting together a group of leading private corporations to work with the government of Telangana in a PPP mode to work in the area of cyber security, it said.
"Since cyber security is a major global concern, impacting not just the corporations and governments, but also millions of citizens receiving their services, the opportunity given by Banga exclusively to Telangana government is a significant recognition of the capabilities of the IT ecosystem available in Hyderabad on Friday", Rama Rao said.
Another port of call for the delegation was KPMG headquarters in New York where the Chairman of the organisation, John Veihmeyer, met the Minister.
Veihmeyer was briefed about the global investment summit in Hyderabad in February next year, and he offered KPMG to become the knowledge partner to the Telangana government for this summit.
Parag Saxena, CEO of New Silk Route, a company that has made investments in over 300 start-ups the world over, called on the Minister at an exclusive meeting organised in Rockefeller Centre in New York.
The Minister presented to Saxena the concept of T-Hub, which is aimed to position Hyderabad as the country's start-up capital.
Saxena found the T-Hub idea to be quite compelling, and agreed to serve as a mentor in T-Hub, the statement added.
