HYDERABAD: Leading investment and technology development company, DE Shaw, head-quartered in New York, has come forward to invest $200 million in Hyderabad. DE Shaw has a presence in Hyderabad since 20 years and now it has decided to set up a new subsidiary company called Arcesium in partnership with Blackstone Asset Management company in Hyderabad.
The proposed subsidiary company will provide employment to 400 people by the end of this year. The number of employees will be doubled in three years.
IT minister KT Rama Rao, who is heading a delegation which is currently on a visit to the US, held discussions with DE Shaw management on Friday.
Arcesium would 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, according to a release.
Earlier, the IT minister met former US Ambassador to India Frank Wisner. On the request of the minister Wisner agreed to serve as the Goodwill Ambassador for Telangana state, offering his services to promote the state as a preferred investment destination among the international investors’ community.
Later, Rama Rao called on Ajay Banga, president of MasterCard, considered to be the poster-boy of the Indian diaspora success story in the United States.
Banga appreciated Telangana’s new initiatives in IT sector. He 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.
“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 TS government is a significant recognition of the capabilities of the IT ecosystem available in Hyderabad today,” Rama Rao said.
The minister also met KPMG chairman John Veihmeyer. KPMG offers advisory services to investors all over the globe. Veihmeyer was briefed about the forthcoming global investment summit scheduled to be held in Hyderabad in February next year. The chairman offered KPMG to become the knowledge partner to Telangana government for this summit.
Parag Saxena, CEO of New Silk Route, an investment company, called on the minister in Rockefeller Centre in New York. Saxena is a member of Prime Minister’s Task Force on FDI in India. The minister presented the concept of T-Hub to Saxena, which is likely to position Hyderabad as the start-up capital in the country. Saxena found the T-Hub idea to be quite compelling and agreed to serve as a mentor in T-Hub, according to the release.
Rama Rao also interacted with representatives of UST Global, Merrill Lynch, Citibank and Water Health.
Rao addressed Telugu diaspora located in New Jersey in Edison.