American multinational corporation Qualcomm will be investing Rs 3,904.55 crore to expand their Hyderabad operations and are planning to inaugurate their second largest campus outside the US in October 2022.
This investment would be made over a period of five years and will lead to an employment generation for about 8,700 software professionals.
The new campus coming up in Hyderabad will be spread over an area of 1.572 million square feet in Rayadurgam. The campus will be ready for inauguration by October 2022.
The leadership team of Qualcomm informed this to Telangana's Information Technology and Industries Minister K.T. Rama Rao, who is currently on a visit to the US.
The leadership team from Qualcomm comprising their CFO, Akash Palkhiwala, VPs James Jean, Laxmi Rayapudi, Parag Agashe, and Senior Director Dev Singh met Rama Rao at their headquarters in San Diego.
During the meeting, the Telangana government agreed to partner with Qualcomm in areas such as agriculture, Smart Cities, digital education, and connected devices.
KTR, as the minister is popularly known, also met electric vehicle company Fisker Inc's Chairman & CEO Henrik Fisker, CFO Geeta Fisker, and the management team.
He thanked the leadership team of Fisker for choosing Hyderabad to set up their IT Development Center. The initial headcount of this upcoming center will be 300 IT professionals.
During the meeting, KTR gave an overview about the EV policy of Telangana. On his invitation, a team from Fisker would visit Hyderabad soon to understand the local EV ecosystem and explore other avenues of collaboration.
Fisker's first EV Car model Ocean will be launched later this year. Upcoming Pear model will be launched in 2023-24. Fisker plans to produce about 2.5 Lakh vehicles per year.
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