ICICI Bk plans Rs 1000cr facility in Hyd

ICICI Bank is all set to build a 44-storied facility at the financial district in Hyderabad with an investment of about Rs 1,000 crore, according to B P Acharya, vice-chairman and managing director of Andhra Pradesh Industrial Infrastructure Corporation (APIIC), the developer of the 65-acre 'Wall Street of Hyderabad'.

The bank had recently performed bhumi puja at the project site in the financial district where it acquired 8 acres of land last year.

The event was a low-key affair as bank's chairman K V Kamath could make it to the ceremony, Acharya said. The bank was building the facility to house about 25,000 employees mostly for back office operations and for research work.

APIIC has already sold out the entire area to banks and financial institutions both Indian and overseas, who would be setting up their facilities mostly for back office operations.

Some of the big names that have acquired land in the financial district include Franklin Templeton, which has already constructed its facility in 15 acres, Union Bank of Switzerland, Insurance Regulatory and Development Authority (Irda), Institute of Insurance and Risk Management (IIRM), and Andhra Bank among others.

Acharya said the financial district would become a high-profile financial cluster, which can be termed as the Wall Street of Hyderabad when all those banks and financial institutions commence their operations from here.