Indian cabinet approves mega IT zone near Hyderabad
Sept 20 (Reuters) - The Indian cabinet on Friday approved a plan to build an information technology investment zone near the southern city of Hyderabad, aiming to attract 2.19 trillion rupees ($35 billion) worth of investments over more than two decades.
The project, to be built over 202 sq km, will be implemented in two phases spread over 25 years, the government said in a statement. The first phase will be completed by 2018.
The cabinet had earlier approved a broad plan to set up mega IT zones in different states to help boost investments in information technology and electronic hardware manufacturing.
Hyderabad, the capital of Andhra Pradesh state, is the second major Indian information technology hub after Bangalore. Google Inc and Microsoft Corp have campuses in the city.
($1 = 61.9350 Indian rupees) (Reporting by Devidutta Tripathy in New Delhi; Editing by Anupama Dwivedi)
- U.S. Mega Millions lottery up to $400 million, 2nd-biggest ever
- Pope Francis named Time's Person of the Year |
- Uruguay becomes first country to legalize marijuana trade
- Thousands of South Africans line up to see Mandela lie in state |
- China bitcoin arbitrage ends as traders work around capital controls