German major BASF to set up global services hub in Hyderabad

German chemicals major BASF has signed a letter of intent to set up a global services hub in Hyderabad, which will generate nearly 3,000 jobs and expand its India operations, along with the recently announced global digital hub in the city.

The proposed hub will anchor the company’s global finance and human resources services, Tobias Dratt, president of global business services at BASF, said. “This is not a back-office setup, it will be a strategic hub,” Dratt told ET. “Our finance and HR services will be bundled in the new global hub, and a large part of these tasks will transfer here in Hyderabad and help strengthen complex enterprise operations beyond routine service delivery.”