Microsoft to open data center in Telangana! Will invest Rs 15,000 crore

Microsoft to open data center in Telangana! Will invest Rs 15,000 crore

Mumbai: US tech giant Microsoft is preparing to build a data center in Telangana with an investment of Rs 15,000 crore. For this, the company is in talks with the state government in the final stages. According to sources, Microsoft has also identified the plot near Hyderabad. A senior government official, who did not wish to be named, said, “Telangana is witnessing some big investments in the IT sector. Microsoft will build its data center here and its announcement may go soon. This data center will be near Hyderabad.

A Microsoft India spokesperson declined to comment. In 2019, Microsoft and Reliance Jio signed a long-term agreement to set up cloud data centers in India. As part of the agreement, Microsoft plans to bring Azer Cloud on Jio network targeting small business houses that want to adopt cloud technology. 

In the past, many global giants have invested in the data center space in India. Amazon Web Services, Google, Microsoft, private equity firms and local companies have also shown interest in opening data centers. According to the Praxis Global Alliance report, data center revenues are projected to reach nearly $4 billion by 2024, with IT power load capacity expected to grow at a compound annual growth rate of 16 per cent during this period. The demand for cloud technology is increasing with data localization regulations and companies moving towards digital.

Last week Google announced the launch of its new cloud region in the National Capital Region (NCR). Through this, services will be provided to the public sector customers of India and the Asia Pacific region. Last year, Amazon Web Services announced an investment of $2.8 billion to set up a data center in Telangana. Sources said Amazon's investment would be over 10 years, as it is setting up data centers at three different locations.

Brookfield Infrastructure is also working on a plan to form a joint venture to develop data centers in India under the brand name BAM Digital Realty.


Foreign exchange reserves reached a new record, crossed the $ 612 billion mark

Foreign exchange reserves reached a new record, crossed the $ 612 billion mark

Mumbai: The country's foreign exchange reserves increased by $ 835 million to a record high of $ 612.73 billion in the week ended July 16, 2021. According to the data of the Reserve Bank of India, in the previous week ended July 9, foreign exchange reserves had increased by $ 1.883 billion to $ 611.895 billion.

According to the Reserve Bank's weekly data, the increase in foreign exchange reserves in the week under review is due to the increase in foreign currency assets (FCAs), which are a major component of the overall reserves. During this period, FCA grew by $ 463 million to $568.784 billion. Foreign currency assets, expressed in dollar terms, also include the effect of an increase or decrease in the value of other foreign currencies such as the euro, pound and yen held in foreign exchange reserves. 

Gold reserves increased by $ 377 million
According to the data, during this period, gold reserves increased by $ 377 million to $ 37.333 billion. At the same time, the Special Drawing Rights (SDR) with the International Monetary Fund increased by $1 million to $1.548 billion. The Reserve Bank said that during the week under review, India's foreign exchange reserves with the IMF declined by $ 7 million to $ 5.1 billion.