Published & Updated as on - 2010-05-23

Citys T-woes now seem to be a thing of the past, with the city once again emerging as a favourite destination of the IT and ITeS sector. After Facebook, its now destination Hyderabad for financial services giant JP Morgan, which is all set to put up its global service centre in the city as part of its plans to ramp up its back office operations in India.

While no investment details were available, sources told TOI that JP Morgan is setting up a technology and operations centre in the citys IT hub of Madhapur with plans to hire close to 400 people to begin with. The centre is expected to become operational this year.

In fact, if sources are to be believed, the company has already kicked off the recruitment process in the city and has also identified a property at the Raheja MindSpace SEZ in Hi-Tec City.

The company has already already started fitouts at the office site. Plans are afoot to put in place a fairly large team of around 350-400 people to start with and later scale it up, a source said.

While to begin with the company is only setting up a technology and operations centre in the city, it could later expand it to include other services like research and treasury services as well, sources said.

When contacted, a JP Morgan spokesperson confirmed that the company was indeed setting up a global service centre in Hyderabad but refused to divulge any headcount or investment details.

As part of our plans to expand our presence in India we are setting up a centre in Hyderabad and it is expected to commence operations in mid or later part of fiscal 2010-11. As a policy we do not disclose any numbers, the spokesperson said.Currently , JP Morgans India operations are headquartered in Mumbai with offices in Delhi as well as three global service centres spread across Mumbai and Bangalore employing over 10,000 people.

The Hyderabad centre will be JP Morgans fourth global service centre. It was in 2003 that the US banking major had set up captive business process outsourcing units in the Raheja MindSpace in Malad and Technopolis Knowledge Park in Andheri to undertake research activities and transaction processing for investment banking, financial services and investment management. This was followed by another unit in Bangalore.

Source:TOI 14/5/10