A naukri.com initiative
Startup Pedia
3w
596
Image Credit: Startup Pedia
After TCS, Cognizant gets Andhra land for less than a rupee; to invest Rs 1,582 Crore in Vizag IT campus
- Cognizant to invest around Rs 1,582.98 crore in setting up an IT/ITES campus in Visakhapatnam, Andhra Pradesh, generating over 8,000 jobs.
- Andhra Pradesh government allocates land to Cognizant at 99 paisa, following a similar deal with Tata Consultancy Services (TCS).
- Cognizant aims to establish Visakhapatnam as a tech hub in India.
- Cognizant plans a significant investment in Visakhapatnam for a new campus under VMRDA.
- TCS had previously announced plans for a campus in the same city, anticipating 12,000 job opportunities.
- Cognizant aligns with a strategy to optimize real estate costs by focusing on tier-2 cities and relinquishing office space globally.
- Globally, IT firms, including Indian companies, are implementing cost-cutting measures amidst demand uncertainty.
- Cognizant targets a revenue of $20.5-21.00 billion by 2025, indicating long-term commitment to Andhra Pradesh.
- Commercial operations in Andhra Pradesh are expected to begin by March 2029, with the entire project being self-funded by Cognizant.
- This project positions Vizag as a significant IT investment destination and potential tech hub in India.
Read Full Article
4 Likes
For uninterrupted reading, download the app