Following is an excerpt from a report in the Business Standard.

ICICI Groupís eastern regional hub for back office operations, coming up at Chandaka industrial estate in Bhubaneswar, will be commissioned in 2009. This is one of the four regional hubs planned by the group.

“We expect the first phase to be commissioned in the next 18 to 24 months,† and, hopefully, the hub will be commissioned by the summer of† 2009,” K V Kamath, managing director and chief executive officer, ICICI Bank, said.

Talking to newsmen after the bhoomi pooja (ground breaking ceremony) for the proposed hub, Kamath said the second phase is scheduled to be commissioned a year later if every thing goes right.

He said the hub will have a built-up area of 1.25-1.5 million square feet in the first phase, and will accommodate about 15,000 people.

The group had earlier signed an MoU with Utkal University and KITT for offering skill-enabling and vocational courses in the domain of banking, finance and insurance.

Kamath said about 10,000-12,500 people will be employed in the Bhubaneswar hub in phases.