The number of employees in the technology space has almost tripled after the formation of Telangana state. Describing the “story of Telangana,” Industries Minister KT Rama Rao said, “The number of employees in the IT sector in Telangana grew from 3.23 lakh to almost 10 lakhs in just nine years. Hyderabad’s tech growth is explosive. Let’s give credit where it’s due to a city that embraces diversity and inclusivity.”
He was speaking at the inaugural of Citco’s permanent office for its Centre of Excellence team in Hyderabad on Tuesday. “Hyderabad is a no-nonsense city. We don’t tolerate any kind of violence, hatred and any violation of the law,” he said. The minister described Hyderabad as a melting pot which invites, assimilates and welcomes anybody from any part of India. He also took a dig at Uttar Pradesh over the law and order situation in that state.
The minister also asked Citco employees about the Indian states they come from. When he found only employees from Uttar Pradesh, he asked how Yogi let him go.
He concluded his speech by saying, “Those from UP, please tell Yogi that we are taking really good care of you.” Pointing out that Amazon has its largest campus in Hyderabad and the second largest campuses of giants like Microsoft, Meta, Google, Apple, Uber and Micron are located in the city, he asked Citco to set up the second largest headquarters in the world in Hyderabad.
After the successful launch of Citco’s Centre of Excellence (CoE) in Hyderabad in September 2021 when the team was based in a temporary office in HITEC City, Citco moved to a new permanent facility in the Opel Building in Salarpuria Sattva Knowledge City to support its expansion in the region.
The inauguration of the office took place on Tuesday and was attended by KTR, the Minister of Information Technology, Industries & Commerce, Municipal Administration & Urban Development and Jayesh Ranjan, the Principal Secretary of the Industries & Commerce and Information Technology Department.
The CoE provides a range of support to fund banking services for Citco and its international client base, helping both to operate efficiently and effectively via Citco’s portfolio of technologies. The growing team also strengthens the resources of Citco’s operations across Asia helping to support Citco’s other locations in the region like Pune and Mumbai.
Jay Peller, Head of Fund Services, Citco Fund Services (USA) Inc., said: “After the move to Hyderabad nearly two years ago, we are delighted that the construction of our new Centre of Excellence is now complete. The state-of-the-art office will ensure we are well-positioned to support the growth of Citco not alone in the region, but globally too. We have seen significant worldwide demand for our fully-integrated ecosystem of bespoke technologies and white-glove, specialist asset services.
So now that our new regional base is ready, we look forward to expanding our team in India.” Amit Verma, General Manager, Citco Group Services (India) LLP Hyderabad Branch, said, “Hyderabad is becoming one of the region’s most prosperous economic hubs. So we are thrilled to have laid down roots here and we are proud to call it home to one of our CoEs.
The region has unparalleled access to a growing base of skilled talent. Aligning with Citco’s ethos, we are committed to investing in talent and giving them the right tools to succeed. The fact that we can give our team a state-of-the-art office is a fantastic milestone for Citco.”
