Fortune 30, $52.9 billion US retail giant Target Corp will set up its back office at Mysore, nearly 140 km from Bangalore. “Target will be the first Fortune 30 MNC to come to Mysore,” Karnataka IT secretary MN Vidyashankar said.
Target will set up its India operations in 21 acres in the phase III industrial area.
Initially, they will invest Rs 65 crore and scale it up to Rs 300 crore in the next three years. They will employ 2,500-3,000 people in the first phase. Once Target enters Mysore, many other multinationals will follow suit,” he said. Target Corp chairman and CEO Robert B Ulrich will receive the land allotment order from Karnataka Industrial Area Development Board (KIADB) on Saturday in Bangalore.
With 40-odd units, including Indian IT giants TCS, Infosys and Wipro, already present in Mysore, Karnataka is looking at Tier-II and Tier-III cities to bring in its next wave of IT investment. With nearly Rs 50,000 crore of software exports estimated for financial year 2006-07 from Bangalore alone (an increase of around 47% from the previous fiscal) and another Rs 4,500 crore from other towns, Karnataka is gearing up to spread its IT reach to its hinterlands.
“On June 10, Jsoft Solutions, part of steelmaker Jindal Group, will start its BPO operations from Bellary and Hubli. Each BPO will initially have 1,500 people, all local,” Vidyashankar said.
Target will set up its India operations in 21 acres in the phase III industrial area.
Initially, they will invest Rs 65 crore and scale it up to Rs 300 crore in the next three years. They will employ 2,500-3,000 people in the first phase. Once Target enters Mysore, many other multinationals will follow suit,” he said. Target Corp chairman and CEO Robert B Ulrich will receive the land allotment order from Karnataka Industrial Area Development Board (KIADB) on Saturday in Bangalore.
With 40-odd units, including Indian IT giants TCS, Infosys and Wipro, already present in Mysore, Karnataka is looking at Tier-II and Tier-III cities to bring in its next wave of IT investment. With nearly Rs 50,000 crore of software exports estimated for financial year 2006-07 from Bangalore alone (an increase of around 47% from the previous fiscal) and another Rs 4,500 crore from other towns, Karnataka is gearing up to spread its IT reach to its hinterlands.
“On June 10, Jsoft Solutions, part of steelmaker Jindal Group, will start its BPO operations from Bellary and Hubli. Each BPO will initially have 1,500 people, all local,” Vidyashankar said.