The construction of the tower will be completed in a year and would provide plug and play facilities to the IT companies.
The first phase of the project will provide direct employment opportunities for the youngsters.
Apart from this, six memorandums of understandings (MoU) were also signed today.
After laying the foundation stone, Rao announced to set up a regional center of TASK for job seekers and T-Hub for job creators in Karimnagar.
"Our youngsters are second to none and I hope and believe that the next Googles, Facebooks, and WhatsApp will come out of India", Rao said.
He further noted that the state government will soon hold meetings with the NRIs from Telangana settled in other countries and would request them to establish their companies in the state.
The state government is also promoting Warangal, Khammam, Karimnagar, Mahabubnagar, and Nizamabad as IT hubs. (ANI)