Xerox's business process services offshoot Conduent will be investing up to Rs 300 crore to put up a development centre at the Fintech Valley here over the next three years.
"We signed an agreement today under which Conduent will be putting up a development centre in Vishakhapatnam and create 5,000 jobs here," state IT minister Nara Lokesh told reporters here.
Allaying common concerns surrounding India, where experts say the country is looked at as a destination for cheaper labour, Lokesh said 2,000 of the jobs will be in the emerging fintech space.
Senior administration officials said this will require an investment of over Rs 300 crore, which will done over the next three years.
Lokesh said the investments will start coming in the next 60 days.
The minister, however, said there are a few areas where the state needs to improve, especially on the "social ecosystem" front.
This includes places for serving alcohol, improving the nightlife, providing sufficient avenues of entertainment, as well as having infrastructure like convention centres, he elaborated.
Lokesh was speaking on the sidelines of a blockchain business conference organised by the state government in this coastal city.
The state has been hardselling IT and has put down ambitious targets on the front. It has also started a "fintech valley" here to attract investments into the emerging areas.
A senior official said at present, nine companies are already working out of the valley and 16 more are slated to come in the next 45 days.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)