DE Shaw to invest $200 mn in Hyderabad

The deal was sealed during Telangana IT Minister's current tour of USA

New York-based investment and technology development company, DE Shaw, has come forward to invest $200 million in Hyderabad. The firm, which has a presence in Hyderabad from the past 20 years, announced setting up of a new subsidiary called Arcesium in the city in partnership with Blackstone Asset Management Company.

According to an official release on Friday, DE Shaw will position 400 employees in Hyderabad by the year-end, a number which will be doubled in the coming three years. Arcesium will focus on providing key software and services for post-trade activities of asset management companies.

The announcement is stated to have been made by managing director of DE Shaw Company, Eric Wepsic, in the presence of Telangana information technology minister, KT Rama Rao, who is heading a delegation which is currently on a visit to the US.

Another significant meeting attended by the minister during the second day of his visit was with Ajay Banga, president of MasterCard. Banga was stated to have proposed putting together a group of leading private corporations to work with the government of Telangana in a public-private partnership mode in the area of cyber security.

KPMG chairman, John Veihmeyer, and chief executive officer New Silk Route, Parag Saxena, were also stated to have met the minister during the visit.