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Satyam to invest up to Rs800 cr in SEZ facility

Satyam to invest up to Rs800 cr in SEZ facility
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First Published: Mon, Nov 12 2007. 12 54 AM IST
Updated: Mon, Nov 12 2007. 12 54 AM IST
Chennai: Officials of Satyam Computer Services Ltd, India’s fourth largest information technology (IT) services provider, said the company plans to invest between Rs600 crore and Rs800 crore over the next three years in Tamil Nadu to create the first company-owned facilities in special economic zones (SEZs) in the state.
This will help the Hyderabad-based company to offer its services from tax-exempt areas such as SEZ, even as the Union government is yet to take a final decision on extending the tax benefits given to companies under Software Technology Parks of India beyond 2009.
“It’s a combination of tax benefits and future expansion that made us opt for own campus”, said Subu D. Subramanian, director and senior vice- president, Satyam Computers.
Currently, Satyam has nine leased facilities in Chennai with an employee strength of 8,000, next to Hyderabad. As and when the existing leases come to an end, Satyam would transfer the employees to the new facility.
The company expects to employ 20,000 professionals in Chennai over the next three years, he said.
Ascon-CII survey says industrial growth is slow
New Delhi: Seemingly contradicting the Union government’s figures of robust industrial growth, industry lobbying body, the Confederation of Indian Industry (CII), has come out with its own numbers. Out of 91 sectors reporting production, 17 sectors have recorded negative growth in the first half of the current fiscal, according to a survey by Associations Council (Ascon) department of CII.
The survey for April-September 2007, which tracks the performance of the various sectors, claimed the sectors, showing excellent or high growth, have reduced compared with last quarter. More sectors recorded a low growth of below 10%, the survey revealed. While 15 sectors have reported excellent growth rate of more than 20%, 22 sectors recorded high growth rate of 10-20% and 37 sectors recorded a moderate growth rate of less than 10%, the Ascon survey said. Shabana Hussain
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First Published: Mon, Nov 12 2007. 12 54 AM IST
More Topics: Satyam Computer | SEZ | STPI | CII | Corporate News |