Source: The Hindu Business Line March 9, 2016
After Amazon, Google and Apple, it is the turn of Cognizant Technology Solutions (CTS) to announce plans for building a large development centre in Hyderabad.
After Amazon, Google and Apple, it is the turn of Cognizant Technology Solutions (CTS) to announce plans for building a large development centre in Hyderabad.
Cognizant, the biggest IT firm in India by revenue, will invest ₹500 crore to develop a built-up area of 1.5 million square feet. It will house 8,000 employees when the facility is fully operational.
“We are building the campus in an extent of 11 acres in Gachibowli,” a company spokesperson said after signing a deal with the Telangana government.
Existing facility
The firm, which already runs a 2.25 lakh sq ft facility on the campus, has decided to expand the facility in order to make it “an important part of its global delivery capability”, the executive said.
The firm, which already runs a 2.25 lakh sq ft facility on the campus, has decided to expand the facility in order to make it “an important part of its global delivery capability”, the executive said.
“We look forward to bringing the benefits of our global experience and industry-leading growth to the region by way of high-value career and learning opportunities,” he said.
A State government official, however, pegged the Cognizant investments at ₹655 crore, and the employment potential at 8,500.
The firm got the clearances from the State government under its flagship industrial promotion scheme TS-iPASS (Telangana State Industrial Project Approval and Self Certification System).
SEZ persmission
Meanwhile, the Special Economic Zone approval committee, which works under the Union Ministry of Commerce, has accorded SEZ status to the firm.
Meanwhile, the Special Economic Zone approval committee, which works under the Union Ministry of Commerce, has accorded SEZ status to the firm.
At a meeting held on February 23, the Board of Approvals considered the company’s application to develop a sector (IT/ITES) specific SEZ in Hyderabad in about five acres.
“The SEZ panel has given the go-ahead to the company after acknowledging permissions from the State government,” a government official said.
Cognizant was among 18 firms that got clearance from the government. The list includes Sify Technologies that is going to set up a development facility in the city with an investment of ₹250 crore. “It will provide about 2,000 jobs when the facility is completed,” a State Government official said.
No comments:
Post a Comment