Hyderabad, Jan 11 (IANS): US-based insurance major MassMutual will be setting up its global capability centre in Hyderabad with an initial investment of Rs 1,000 crore.

Telangana's Minister for Industry and Information Technology K.T. Rama Rao shared the news on Monday.

"What better way to start the week than to welcome a top Fortune-500 company Delighted to announce that BFSI major US based @massmutual is setting up their Global Capability Centre in Hyderabad, Telangana," tweeted Rama Rao.

The minister said will be the company's first centre outside the US with initial investment of Rs 1,000 crore.

The Massachusetts Mutual Life Insurance Company, also known as MassMutual, is a Springfield, Massachusetts-based life insurance company. MassMutual provides financial products such as life insurance, disability income insurance, long term care insurance, retirement, and annuities.

MassMutual is the latest marquee name to announce investments in Hyderabad, which is also emerging as a key hub for Banking, Financial Services and Insurance (BFSI) sector.

Investment banking firm Goldman Sachs in October last year announced that it will set up global shared services location in Hyderabad.

The new office is expected to become functional in the second half of 2021 with about 500 employees, and has potential for future growth.

Hyderabad, which has an exclusive cluster called 'Finance District' for BFSI sector, is considered preferred location for several banks and financial organisations.

The city is already home to international organisations like Franklin Templeton, JP Morgan Chase Bank, State Street Corporation and HSBC.

ICICI Bank has its biggest campus in Hyderabad with over 15,000 employees.