The Hindu : HSBC Group signs MoU with A.P. Govt.

Online edition of India's National Newspaper
Saturday, Jun 28, 2003

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HSBC Group signs MoU with A.P. Govt.

By Our Special Correspondent

HYDERABAD JUNE 27. The HSBC Group has signed a Memorandum of Understanding with the Andhra Pradesh Government, committing an investment of Rs.50 crores over a three year period to set up a state-of-the-art facility at Visakhapatnam.

The HSBC Group, with over 9,500 offices in 80 countries and assets of $759 billion (December 2002), is one of the world's largest banking and financial services organisations.

Viewed against the backdrop of the State Government giving a boost of IT Enabled Services (ITES), the decision of HSBC is expected to give a fillip to IT and ITES infrastructure development and related activity in the port city of Vizag.

A Government release here on Friday said the HSBC facility in Vizag is likely to have spin-off effect in that other major global players may also consider the port city for their ITES operations. It hopes Vizag will now emerge as the next major centre for IT and ITES.

It said Vizag was successful in attracting HSBC, even though it was up against a number of other Indian Cities and other countries around the world. But the Government's commitment to assist in setting up the new facility in Vizag are seen as the major factors which swung the project in favour of the State, it said.

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