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Cyber Pearl to be Hyderabad's third IT complex
Thursday, 10 October 2002, 19:30 IST
HYDERABAD: A major IT complex worth $45 million, Cyber Pearl, is coming up at the Hyderabad Information Technology Engineering Consultancy (HITEC) City here.
The complex would house about 5,000 people, employed by software design houses, call centres and IT-enabled services companies in a 500,000 square-feet space on a five-acre land, its builders said.
Singapore-based business space solutions provider Ascendas Pte. Ltd. joined hands with L&T Infocity Ltd. to build the third phase of the 151-acre HITEC City.
The foundation ceremony Thursday of Cyber Pearl saw Singapore Minister of State for National Development Vivian Balakrishnan, Singapore Ambassador to India See Chak Mun and Andhra Pradesh Chief Minister N. Chandrababu Naidu.
A 50:50 joint venture, L&T Infocity Ascendas Pvt. Ltd.'s Cyber Pearl is the third complex coming up after Cyber Tower and Cyber Gateway in the state.
The builders had earlier named the third phase as Cyber Oasis but the chief minister renamed it as Cyber Pearl.
"The name oasis is not appropriate. It should be Cyber Pearl as Hyderabad is famous for pearls," Naidu said.
Many national and multinational IT firms including Microsoft, Oracle, GE Capital, HSBC and ICICI have already set shop at Hyderabad's HITEC City.
A. Ramakrishna, director of L&T Infocity and chairman of L&T Infocity Ascendas, said 
3.35 billion has already been invested in the first two phases for Cyber Tower and Cyber Gateway.
"Another 1.18 billion would be invested in the third phase for Cyber Pearl."
Hailing the Singapore-based company's first venture in the city, Naidu invited Singapore to invest in other infrastructure projects in Hyderabad and the port city of Visakhapatnam.
Declaring intentions of building stronger ties with Singapore, Naidu briefed a 40-member delegation from Singapore on various proposed infrastructure projects in the state.
Naidu said he was keen to develop Hyderabad on the lines of Singapore.
Referring to the progress made by Hyderabad in IT during last few years, Naidu said the city was poised to become the country's IT capital.
He said the software exports from the state had gone up from 740 million in 1996 to 29.07 billion in the fiscal 2001. "The employment in the sector has also gone up from 4,500 to 64,000."
The minister referred to software industry's representative -- Nasscom's state-wise IT growth survey that placed Hyderabad as the number one IT destination in the country with Bangalore at the sixth place.
Singapore minister Balakrishnan said his country planned to extend strategic partnership with India.
"We hope to build on the relationship of trust with India, with this project in Hyderabad," he said.
"Andhra Pradesh ranks as one of the top three destinations for investments in India," he said.
Source: IANS
3.35 billion has already been invested in the first two phases for Cyber Tower and Cyber Gateway.
"Another 1.18 billion would be invested in the third phase for Cyber Pearl."
Hailing the Singapore-based company's first venture in the city, Naidu invited Singapore to invest in other infrastructure projects in Hyderabad and the port city of Visakhapatnam.
Declaring intentions of building stronger ties with Singapore, Naidu briefed a 40-member delegation from Singapore on various proposed infrastructure projects in the state.
Naidu said he was keen to develop Hyderabad on the lines of Singapore.
Referring to the progress made by Hyderabad in IT during last few years, Naidu said the city was poised to become the country's IT capital.
He said the software exports from the state had gone up from 740 million in 1996 to 29.07 billion in the fiscal 2001. "The employment in the sector has also gone up from 4,500 to 64,000."
The minister referred to software industry's representative -- Nasscom's state-wise IT growth survey that placed Hyderabad as the number one IT destination in the country with Bangalore at the sixth place.
Singapore minister Balakrishnan said his country planned to extend strategic partnership with India.
"We hope to build on the relationship of trust with India, with this project in Hyderabad," he said.
"Andhra Pradesh ranks as one of the top three destinations for investments in India," he said.
Source: IANS