`Bangalore has bagged Rs 900-cr investment from 65 tech cos'

`Bangalore has bagged Rs 900-cr investment from 65 tech cos'
The Hindu Business Line

IN spite of its compounding infrastructure woes, Bangalore has managed to attract investments of over Rs 900 crore from 65 new technology companies in the last four months, Government officials said on Wednesday.

"This represents an increase of around 20 per cent over the corresponding period last year," said Mr B.V. Naidu, Director of Software Technology Parks of India, Bangalore. Of the 65 new firms, about 45 are 100 per cent foreign equity firms.

The majority of the new firms are funded by venture capitalists and operate in the technology design space. Target is among those that have set up shop in Bangalore , Mr Naidu said.

The availability of skill sets and the `Bangalore' brand has attracted these firms. "A bulk of these firms find the IT industry in Bangalore much more qualitative. This sort of a cluster is not there anywhere else in the country," Mr Naidu said.

Over 1,600 IT firms are operating in the city. Software exports from Karnataka have grown by 20 per cent in the first quarter, said the State's IT and BT secretary, Mr M. K. Shankarlinge Gowda. The State is targeting a 35 per cent growth for both software and hardware exports, which stood at Rs 30,000 crore last year.