Hyderabad, June 22: BPO outfit Genpact plans to expand its operations in Hyderabad by setting up its third campus at an investment of Rs 121 crore.

It will construct a million square feet office space on about 50 acres of land in Jawahar Nagar on the outskirts of Hyderabad, which will be developed as a special economic zone.

A memorandum of understanding has been signed with the Andhra Pradesh government.

The MoU was signed by Shailendra Kumar Joshi, secretary, information technology and communications department, and Ashok Tiyagi, senior vice-president of Genpact, in the presence of minister for information technology R. Damodar Reddy.

Genpact expects to create 5,000 jobs in five years at the new campus.

The IT minister said the government has allotted 50 acres to Genpact at a cost of Rs 5 million per acre. “Over the past few years, Genpact has contributed significantly to develop information technology in the state and we are happy to extend this association further,” he said.

The minister expects Genpact to act as a catalyst and draw other infotech companies to the state and contribute to the government’s plans to create 250,000 jobs in IT in the next two years.

The state government had allotted 26 acres of land in Uppal to the company. A 500,000-square-feet facility came up on that land at an investment of Rs 276 crore.

Genpact, which also has its operations in Hitec City, employs 8,000 people at both the facilities.