Charles Schwab Selects Hyderabad for First Indian Technology Development Centre
Hyderabad: Charles Schwab, a global financial services leader, has announced Hyderabad as the site for its inaugural Technology Development Centre in India. This decision follows productive discussions between Telangana Chief Minister A. Revanth Reddy, IT Minister D. Sridhar Babu, and senior Schwab executives, including Dennis Howard and Rama Bokka, at Schwab’s headquarters in Dallas.
According to the Chief Minister’s Office (CMO), Chief Minister Revanth Reddy and IT Minister Sridhar Babu have pledged to assist Schwab through all necessary procedures to facilitate the establishment of the centre. This includes ensuring swift access to local talent to accelerate the development process. Schwab’s executives have expressed optimism and gratitude for the proactive support provided by the Telangana government, viewing it as a positive sign for the success of their upcoming venture.
Charles Schwab is currently awaiting final approvals before officially revealing detailed plans for the centre and assigning a team to Hyderabad for the establishment of the Schwab Technology Centre.
During their visit, Chief Minister Revanth Reddy, along with IT Minister Sridhar Babu and Minister Komatireddy Venkat Reddy, also paid tribute to Mahatma Gandhi at his statue in Dallas, Texas. The Telangana delegation is on a week-long trip to the US to attract investments and strengthen partnerships.
In Washington, Chief Minister Reddy met World Bank President Ajay Banga to discuss potential collaborations in areas such as skills development, urban rejuvenation, Net Zero initiatives, healthcare, diagnostics, and electronic records. A cross-functional team will be set up to expedite projects in these sectors, focusing on sustainability, health, and job creation.
Additionally, in New York, Corning Incorporated, a global leader in materials science, signed a Memorandum of Understanding (MoU) with the Telangana government. This agreement focuses on advancing local workforce skills in manufacturing and chemical engineering technologies and enhancing the Flow Chemistry Technology (FCT) hub with partners like Dr Reddy’s Limited, Laurus Pharma Limited, and the University of Hyderabad.
Corning’s commitment includes introducing its Corning Advanced-Flow Reactors (AFR) technology and collaborating with Telangana to bolster innovation in the pharmaceutical and chemical industries.
