Telangana attracting major investments in BFSI: K T Rama Rao

The State Government has succeeded in attracting financial services major Goldman Sachs, founded in 1860 and headquartered in New York, to set up operations in Hyderabad. The company started working in Hyderabad remotely from March, but the formal inauguration of the premises happened on Monday.

Industries and IT Minister KT Rama Rao, who inaugurated the new premises, said that Telangana has been attracting key investments despite the pandemic. The focus of the companies is not just limited to Hyderabad but to the entire State, he said. “We are continuing our efforts to attract investments to the State. More investments will be announced in the due course of time,” he said.

“I am delighted and proud to welcome Goldman Sachs to Hyderabad. In our initial talks, the company said it would recruit about 500 people. But today, they have announced plans to recruit 2,500 people. That reflects the trust the company has in the capabilities of our manpower,” he said.

Goldman Sachs, which already has operations in Bengaluru, was looking to expand its operations to a second city and had multiple cities in mind. It finalised on Hyderabad seeing the presence of an enabling work ecosystem as well as the infrastructure in the city, the



Minister said.

“Hyderabad is emerging as a key investment destination for the banking and financial services industry in India, on account of Telangana State’s success in establishing a vibrant ecosystem of global capability centres that attracts the best talent. 

Goldman Sachs is among the few global investment banks that have opened a new office in Hyderabad amid the global pandemic,” Rama Rao said adding that he was also impressed with Goldman Sachs’ focus on driving an inclusive work environment and their support to the communities in Telangana and across India.

There are about 1.8 lakh people working in the BFSI segment here. “The company said it will have 2,500 people working for it by 2023 in Hyderabad. But I am sure the company will reach that figure in about a year’s time or so, much ahead of their set target. I am sure the company will make a request soon for expansion,” he said.

He asked Goldman Sachs to work with State incubators T-Hub and We-Hub to nurture innovation and also foster entrepreneurship. He also said State’s Telangana Academy of Skills and Knowledge can also be roped in for imparting specific skills.