Charles Schwab plans Technology Development Centre in Hyderabad

Hyderabad, Aug 8 (IANS) Charles Schwab, a global leader in financial services, has chosen Hyderabad as the prospective location for its first Technology Development Centre in India.

The decision followed fruitful discussions between Telangana Chief Minister A. Revanth Reddy, IT Minister D. Sridhar Babu, and senior Schwab executives, Dennis Howard, Rama Bokka and others at Charles Schwab's world headquarters in Dallas.

According to the Chief Minister’s Office (CMO) here, the Chief Minister and the IT Minister committed to guiding Schwab through all necessary formalities for establishing their presence in Hyderabad, ensuring swift access to the necessary talent for a rapid ramp-up.

Schwab's executives have expressed confidence and enthusiasm and appreciated the proactive support from the government as a promising indicator of a successful collaboration.

Charles Schwab is currently awaiting the final approvals for announcing detailed insights into the upcoming center and delegating a team to India for officially establishing the Schwab Technology Centre in Hyderabad, the CMO said.

Meanwhile, CM Revanth Reddy along with his ministerial colleagues Sridhar Babu and Komatireddy Venkat Reddy paid homage to Mahatma Gandhi at his statue in Dallas, Texas.

A delegation from Telangana headed by the Chief Minister and IT minister is currently on a week-long visit to the US to mobilise investments.

After meeting top executives of various companies in New York, New Jersey and Washington, the delegation reached Dallas.

In Washington, Chief Minister Revanth Reddy met World Bank President Ajay Banga. They decided to prepare a roadmap for partnership in various sectors.

According to the CMO, the potential areas for partnership being outlined through explorations and deliberations would include initiatives on skills development, urban rejuvenation and reimagination, Net Zero developments, citizens’ healthcare, diagnostics and electronic records.

During the hour-long meeting, it was decided to set up a cross-functional team to conceptualise viable projects in each of the areas in an accelerated mode. People, planet, sustainability, health, skills, and jobs were the major themes of the discussions between the two visionary leaders, the CMO said.

Earlier in New York, Corning Incorporated, a global leader in materials science, signed an MoU with the Telangana government on skilling and innovation

As part of the agreement, Corning and Telangana would collaborate on designing and implementing programmes focused on skilling the local workforce in advanced manufacturing and chemical engineering technologies.

Corning will also strengthen its partnership and participation in the Flow Chemistry Technology (FCT) hub, a collaborative initiative of the Government of Telangana, with Dr Reddy’s Limited, Laurus Pharma Limited, and the University of Hyderabad.

During their discussions with the Chief Minister, Corning introduced its cutting-edge Corning Advanced-Flow Reactors (AFR) technology.

The company is keen to collaborate with Telangana in developing and implementing flow chemistry technology, further solidifying the state’s position as a hub for innovation in the pharmaceutical and chemical industries.