Hyderabad: MassMutual, a US-based Banking, Financial Services, and Insurance major, will invest Rs 1000 crore for setting up Global Capability Center in Hyderabad.

Telangana Minister for Industries and IT&C KT Rama Rao announced the decision after meeting Arthur Riel, head of Core Technology & Initiatives at MassMutual on Monday.

"What better way to start the week than to welcome a top Fortune-500 company. Delighted to announce that BFSI major US-based @massmutual is setting up its Global Capability Center in Hyderabad, Telangana. This is their first center outside the US with an initial investment of ₹1000 Cr," Tweeted, KT Rama Rao.

This will be the first center of MassMutual, a Fortune 500 company, outside the US.

MassMutual, an Springfield, Massachusetts(USA)-based life insurance company provides financial products such as life insurance, disability income insurance, long term care insurance.

In November 2020, Amazon Web Services (AWS), an Amazon.com company, announced an investment of Rs 20,761 crore ($2.77 billion) to create multiple data centers, making it the largest FDI investment in the State.

AWS is investing to set up an AWS Region with three Availability Zones (AZs) in Hyderabad. The AWS Asia Pacific (Hyderabad) Region is expected to start operations by mid of 2022.

These Availability Zones (AZs) consist of multiple data centers in separate distinct locations within a single region that are engineered to be operationally independent of one another with independent power, cooling, physical security, and connections via a low-latency.

The investment from AWS would position Telangana as one of the preferred destinations for other companies that are looking to set up data centers in the future. The establishment of data centers like AWS is expected to support Telangana's digital economy and IT sector in a multi-fold way.


Newsmeter Network

An independent digital media platform that brings you credible news stories and Analysis of current affairs as they unfold.

Next Story