The Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) has welcomed the Union Cabinet’s approval for setting up Information Technology Investment region (ITIR) here with an estimated investment of about Rs. 2.19 lakh-crore.

President of the federation Srinivas Ayyadevara said in a statement on Saturday that the establishment of ITIR would surely make Hyderabad as an important destination for IT services . Special consideration would also be given to accommodate small and medium enterprises (SMEs) in the proposed ITIR, he said.

Meanwhile, State vice-president of BJP S. Malla Reddy faulted the Centre’s bid to limit the ITIR only to Hyderabad and Cyberabad limits. He alleged that it was aimed to enable real estate boom benefiting those holding huge extents of lands in the area.