Cognizant Gets Land For Just 99 Paise In Visakhapatnam, To Set Up Rs 1,582-Crore IT Campus: Report
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IT company Cognizant is reportedly set to invest Rs 1,582 crore in a new IT campus in Vazag, which is expected to generate 8,000 jobs over the next eight years.
In a move to woo tech investment, the Andhra Pradesh government is allotting land to IT giant Cognizant Technology Solutions for just 99 paisa to set up a major campus in Visakhapatnam, according to a report by Moneycontrol citing sources. It said the company is set to invest Rs 1,582 crore to establish the new IT campus in the city.
The nominal land rate, just under one rupee, underscores the state's aggressive push to transform Visakhapatnam into a full-fledged IT and innovation hub.
Cognizant is set to invest Rs 1,582 crore in the project, which is expected to generate 8,000 jobs over the next eight years, according to the report.
'Cognizant has sought 21.31 acres of land at Kapulauppada under the Visakhapatnam Metropolitan Region Development Authority (VMRDA), and the state government would allot the land for a nominal rate of just 99 paisa," one of the sources told Moneycontrol.
Cognizant has set March 2029 as the target date for commencing commercial operations from the facility, as per the report.
The development aligns with Chief Minister N Chandrababu Naidu's vision of positioning Visakhapatnam as the economic capital of Andhra Pradesh. Naidu has repeatedly emphasised the city's potential to emerge as a digital powerhouse.
Earlier this year, Andhra's IT and Human Resources Minister Nara Lokesh had hinted at Cognizant's likely entry into the state. At the World Economic Forum in Davos, Lokesh met with Cognizant CEO Ravi Kumar S, urging the company to consider expanding into tier-2 cities like Visakhapatnam.
In April, the Andhra Pradesh government also allotted 21 acres of land to India's largest IT services company Tata Consultancy Services (TCS) for 99 paise.
In April, the state's minister of technology Nara Lokesh told CNBC-TV18 that he aims to make Vishakapatnam a new hub for IT investments. 'I keep joking and telling people that if Goa were to marry Bangalore and have a child, that could be Visakhapatnam. We have it all, and we believe that this could be the trigger for larger investments coming to Visakhapatnam," he said during the interview.
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