Predicting a bright future for Visakhapatnam, IT Minister Nara Lokesh on Monday said the city emerged as a hot destination for investors in new-age technologies.
Briefing reporters on the outcome of the first day of two-day Blockchain Business Conference here, he said Conduent Inc, an American company with which the government signed an MoU in the presence of Chief Minister N. Chandrababu Naidu would invest ₹300 crore to create 5,000 jobs, 2,000 of them in financial technology (fintech) in the city in a span of three years.
The company will use blockchain for parking solutions. It will also have a BPO. The development centre will function at a rented premises.
Mr. Lokesh said they were expecting the $6 billion company to expand its capacity to 11,000 in the next phase. The modalities for expansion and allotment of suitable site would be worked out later, he said.
Cabinet meet today
He also disclosed that the State Cabinet slated to meet on Tuesday would take a decision on investment proposal by another big IT company in Visakhapatnam.
Stating that the investment flow was not on the expected lines due to absence of social infrastructure like affordable housing colony, education and entertainment facilities, he said they were trying to strengthen the ecosystem.
He described as a major achievement the launching of accelerators by ICICI and Mahindra Fiannce. He said 20 companies had already agreed to part with information on case study repository.
IT Principal Secretary K. Vijayanand and Special Chief Secretary and IT Advisor to Chief Minister J.A. Chowdary were present.
