Potholed roads, traffic jams and water crisis are not deterring companies and people to move to Bengaluru.World’s big brands are eyeing the IT hub due to availability of young, technologically skilled population and Bengaluru has attracted of over $1 billion investment in the past 18 months.
Moreover, India's tech-based startups have either moved or expanded into Bengaluru and the trend is accelerating as the world gets redefined by new technological phenomena such as smartphones, social media, artificial intelligence, et al.
Economic Times reported that Bengaluru accounted for more than a third of the over 1,000 global in-house centres (GICs) -facilities that combine technology development with back-office functions -of MNCs in India. But the spate of new announcements of GICs over the past 18 months suggests a fresh urgency. Some of the proposed investments are massive.
One of the world's biggest companies, US oil and gas major Exxon Mobi, is making a $400-500 million (Rs 2,500 crore-Rs 3,150 crore) investment in Bengaluru to establish a technical and business support services centre.
The financial daily reported that derivatives marketplace CME Group, which handles 3 billion contracts worth approximately $1 quadrillion (that's 1 followed by 15 zeros) annually, is said to be setting up a GIC in Bengaluru.
JCPenny, the American apparel and home furnishing retailer, L Brands, makers of lingerie brand Victoria's Secret, and Lowe's, the US-based home improvement and appliance store chain, have established technology captive centres here recently.
(Image: Indiatimes)