As per the MoU, GECIS will purchase the land from Andhra Pradesh Industrial Infrastructure Corporation Limited (APIICL) for expansion of its IT-enabled services (remote processing) business, duly availing of the incentives available under the it policy recently announced by the state government. The MoU was signed by R Chandrashekhar, the secretary to government of Andhra Pradesh, and Pramod Bhasin, president and CEO, GE Capital, India in the presence of state chief minister Chandrababu Naidu and Scott Bayman, president and CEO, GE India.

Speaking at the signing ceremony Naidu said: "This agreement underlines our commitment to leverage our high quality human resources and fully utilise the opportunities afforded by the global IT-enabled servicesfacilities with high employment potential. Through this agreement GE Capital will be the first company to benefit from the new information technology incentives policy of Andhra".