Andhra Pradesh government has signed a Memorandum of Understanding (MoU) with Conduent Inc, a divestiture from Xerox for setting up their operations in the state.

Chief Minister N Chandrababu Naidu exchanged MoU with CEO of Conduent Ashok Vemuri to setup a development center over next three years at the Fintech Valley Visakhapatnam.

Conduent which was Xerox’s business process services offshoot create employment for 5000 people with an investment of up to Rs 300 crore if they build their on campus. State government officials reportedly said that this could be scaled up to 11,000 employment opportunities.

Minister of IT&C N Lokesh said that the US-based business process services company has not made any financial commitment yet.