The Hindu : Andhra Pradesh / Hyderabad News : Minister says huge investments on anvil

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Thursday, Sep 13, 2007
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Andhra Pradesh

Andhra Pradesh - Hyderabad

Minister says huge investments on anvil

Special Correspondent

‘Massive investment of Rs 6,000 crore likely to come to State through Dubai Holdings Company’
Over Rs 4,000 cr. expected through Ras Al Khaimah Free Trade Zone Authority of Dubai

HYDERABAD: Information Technology Minister R. Damodar Reddy, who returned here on Wednesday after a four-day trip to Dubai heading an official trade delegation, claimed that a massive investment of Rs 6,000 crore was likely to come to the State through the Dubai Holdings Company.

The investments would be in the areas of IT, IT-enabled services, telecommunications, software and hardware. Once infrastructure was ready, the company would bring here its own clients, he said.

Asked if this meant allotment of land to the company, he said “if necessary, we may have to part with some land.”

Detailing the “positive outcome” of the visit at a press conference, the Minister said that another large investment of over Rs 4,000 crore was also expected through Ras Al Khaimah Free Trade Zone Authority of Dubai which represented nearly 3,500 firms.

He said that he had invited Sheikh Saud Bin Sagr Al Qassimi, Crown Prince and deputy ruler of RAK Free Trade Zone Authority, to the State for a trade dialogue. He said the State Government did not detach itself from Gitex as alleged. The Gitex show, however, would be held only in 2009. For this year an “IT Summit” would be organised by the Government.

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