ICICI sets up back office in Hyderabad

ICICI sets up back office in Hyderabad

Wednesday, 04 April 2007, 05:00 Hrs
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Hyderabad: The ICICI Bank, India's leading private sector bank, is to invest 15 billion to locate its south India back office operations here. K.V. Kamath, Managing Director of ICICI Bank, apprised Chief Minister Y.S. Rajasekhara Reddy about the firm's plans during a meeting here.

Kamath said the proposed 28-storied building would be constructed in the Financial District in Hyderabad.

"It will be the most prestigious project and will be the centre for the back office operations of the ICICI group in the southern region of the country," said a statement issued by the Andhra Pradesh Industrial Infrastructure Corporation (APIIC).

The facility, coming up over eight acres, will accommodate 25,000 employees and is expected to provide indirect employment to nearly 100,000 people.

B.P. Acharya, Vice-Chairman and Managing Director of APIIC, said 10 billion would be spent on civil construction and another 5 billion may be spent on the interiors of the skyscraper.

Eminent architect Hafeez Contractor of Mumbai is to design the building, which will be completed by December 2008.
Source: IANS
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