Home / Business / Rs 1,000 crore global facility to be set in Hyderabad by MassMutual
Rs 1,000 crore global facility to be set in Hyderabad by MassMutual
Rs 1,000 crore global facility to be set in Hyderabad by MassMutual

Rs 1,000 crore global facility to be set in Hyderabad by MassMutual

Hyderabad: Massachusetts Mutual Life Insurance Company, a US-based ‘Fortune 500’ life insurer, announces the opening of its MassMutual Global Capability Center (GCC) in Hyderabad as it enters India.

The new office of MassMutual India has opened in the Financial District of the city, with superior facilities and amenities.

It aims to attract global talent in technology, engineering, and research and development, adding to continued hiring in these areas by the company in the US.

Interacting with IT and Industry Minister KT Rama Rao during a video conference on Monday, an announcement was made by company representatives. In its Hyderabad-based GCC, the company aims to invest over Rs 1,000 crore.

Since its leadership team first visited Hyderabad in October 2019, MassMutual, a 170-year-old top Fortune 500 organisation and a world leader in the insurance and finance sector, has been participating in several meetings with the state government. Before narrowing it down to Hyderabad, the firm assessed many global cities.

The company chose Hyderabad following a market analysis indicating a strong talent pool, favorable infrastructure and easily accessible enablement services.

Speaking on the occasion, Minister KT Rama Rao said that, despite the prevalent pandemic, Hyderabad has witnessed many marquee investments in recent times. “MassMutual’s decision to establish its first Global Capability Center outside the United States in Hyderabad is a testament to the investor-friendly policies and the value proposition offered by the city of Hyderabad and the State of Telangana,” he said.

He appreciated MassMutual India head Ravi Tangirala’s efforts to create a world-class organization in a record time in Hyderabad, India.

Given the high level of expertise in this market, Ravi Tangirala said the opening of a Global Capability Center in India would help the life insurance business stay at the cutting edge of technological advancement.

In order to help MassMutual maintain its role as an industry-leading innovator, we look forward to expanding our global team in Hyderabad. We hope to become one of the best places to work in India, with experience complementing our current innovation leadership in the US, while helping to develop the regional economy,” he added.

In Vamsiram’s BSR IT SEZ in the Financial District in Nanakramguda, MassMutual leased around 1.5 lakh sft. To date, the organization has already started recruiting and hiring over 300 employees and is looking forward to hiring more digital transformation engineers.

“Here, we are confident in the quality of talent-a mature workforce with a strong understanding of technology and business will help achieve the innovation goals of MassMutual,” said Arthur Riel, MassMutual’s head of Core Technology.

Jayesh Ranjan, Principal Secretary for IT and Industries, and Amarnath Reddy Atmakuri, Chief Relations Officer, IT Department, and other officials were also present. (INN)

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