Investment banking firm Goldman Sachs has identified the city as a new location for its global shared services footprint in India.
“The new Hyderabad office will be the second location for Goldman Sachs Services in India, and will complement the Bengaluru office footprint in terms of both execution and support that it will provide to the firm’s businesses globally,” a release from the state government quoted the firm as saying on Thursday.
Representatives of Goldman Sachs, in a video conference, interacted with Telangana Minister for IT and Industries KT Rama Rao and explained their plans to come to the city, the release said.
The new office is expected to become functional in the second half of 2021 with about 500 employees, and has potential for future growth.
It will leverage the expertise of the existing leadership in the Bengaluru office, while investing in a strong pool of competitive world class local talent, it said.
Key criteria for the new office location included the availability of commercial real estate and housing for employees, a diverse talent pool, quality infrastructure in the city, and support and commitment from the state government, Goldman Sachs said.
KTR stated that the government will provide complete support to the firm in their future ventures, the release added.