Hyderabad is rapidly becoming a magnet for innovation and next-gen business. It’s time for the Indian companies to set up their plans in Hyderabad after world renowned organizations like Google, Amazon and Uber have established their large scale operations in the state.
As per the statement given by Jayesh Ranjan who is Secretary, Information & Communications Technology (ITC) in Telangana Govt, “Our Technology Incubation centre ‘T-Hub’ which is meant to promote start-ups and innovators is going to be inaugurated on September 7 by Ratan Tata,”
Tata Sons have been offered budget of $100 million by the Telangana Govt. to set up India’s largest incubator centre for tech startups called ‘T-Hub’ in Hyderabad. The Incubator will be inaugurated on September 7, 2015 by Chairman Emeritus and industrialist Ratan Tata.
The first phase of T-Hub is spread across 60,000 square feet which means it can easily accommodate 800 start-ups without nay obstacles. It will be the biggest incubation center in the country till date as in the second phase they plan to expand it five times the original i.e. 3,00,000 square feet area which in turn can accommodate near about 5000 start-ups. Telangana Govt wants that the Phase 2 of T-Hub to begin somewhere in the year 2018 as it will be the official host city of World IT Congress event.
To make T-Hub the largest of all the innovation hubs in India, Telangana Government has invited associations from the educational Institutions located in and around Hyderabad. The institutions which are already part of this giant collaborative program are: International Institute of Information Technology (IIIT-Hyderabad), Indian School of Business (ISB) and NALSAR University of Law.
On the initial basis a special ‘innovation fund’ with a corpus of $100 million has also been announced to help the startups kick start their business venture and take assistance for scaling up. In the near future it has also been planned that Tata Capital will purchase a marginal stake in T-Hub’s innovation fund.
Ranjan said on the issue of Tata Capitals minority stake: “The first round of discussions has happened over it. T-Hub board meeting are being conducted regularly and there will be another round of talks (in this regard).”
The newly formed state Telangana of which Hyderabad is the capital has been working day and night so as to become the most preferred IT city. Earlier Hyderabad became the first Indian city to be covered by Google Street View and thereafter Google agreed to establish its campus in Hyderabad at an investment of Rs. 1500 crore, the biggest outside United States.
Likewise Google, Amazon is planning to set up its campus in over 2.5 million square feet area at Hyderabad after US. The established institute will receive investment worth Rs. 1800 crore from the American company. Uber has also been given the nod by the State Government to “build their largest facility outside US in Hyderabad and invest $50 million in the next 5 years”