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Satyam to invest $200 Mn on five SEZs
By siliconindia
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Wednesday, 20 February 2008, 01:26 IST
Mumbai: Satyam Computer Services, the Hyderabad based IT services major, will set up five special economic zones (SEZs) - two in Hyderabad and one each in Nagpur, Chennai and Vizag - at an investment of $200 million in the first phase of development.
The work on the first phase will begin from April 1 at the Hyderabad and Chennai SEZs with the company investing the money over the next 12-18 months, reported the Business Standard. The Nagpur and Vizag SEZs will be a part of the second phase.
Satyam plans to shift about 30,000 employees to the SEZs. "There will be a time lag between the facilities being ready and people actually occupying the centres. We will have people working from these centres in the next 24 months," said CFO Srinivas Vadlamani. The capital for the development will be raised through internal accruals. In an earlier report, the company had mentioned that it was likely to add around 3,000 employees by March-end.