Latest news with #Cognizant
The Hindu
3 hours ago
- Business
- The Hindu
Cognizant to invest $183 million for new India campus, add 8,000 jobs
Software services firm Cognizant Technology Solutions will invest ₹15.82 billion ($182.76 million) to build a new campus in the southern Indian city of Vishakapatanam that will create about 8,000 jobs, the State Government announced on Friday (June 20, 2025). Commercial operations will begin in March 2029, an Andhra Pradesh Government press release said. Cognizant did not immediately respond to a request for comment. The announcement comes just months after India's top IT firm, Tata Consultancy Services, unveiled plans for ₹13.70 billion campus in the same city, and is expected generate 12,000 jobs. The move aligns with Cognizant's strategy to optimise real estate costs. In May 2023, Chief Executive Ravi Kumar S. said the company would relinquish 11 million square feet of office space globally, mainly in India's largest cities, while investing in tier-2 Indian cities. Globally, IT companies, including those in India's $283 billion sector, are taking cost-cutting measures such as monetising real estate assets and delaying wage increases amid demand uncertainty. Last month, the Teaneck, New Jersey-based company raised its annual revenue forecast and beat first-quarter results driven by increased demand for AI-powered IT services. Cognizant expects 2025 annual revenue between $20.5 billion and $21.0 billion, compared to previous outlook of the midpoint of $20.30 billion to $20.80 billion. ($1 = 86.5625 Indian rupees)
News18
8 hours ago
- Business
- News18
Cognizant Gets Land For Just 99 Paise In Visakhapatnam, To Set Up Rs 1,582-Crore IT Campus: Report
Last Updated: 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. First Published:
NDTV
9 hours ago
- Business
- NDTV
Cognizant To Invest Rs 1,583 Crore For New India Campus, Add 8,000 Jobs
BENGALURU: Software services firm Cognizant Technology Solutions will invest Rs 1,583 crore ($182.76 million) to build a new campus in Vishakapatanam that will create about 8,000 jobs, the state government announced on Friday. Commercial operations will begin in March 2029, an Andhra Pradesh government press release said. Cognizant did not immediately respond to a request for comment. The announcement comes just months after India's top IT firm, Tata Consultancy Services, unveiled plans for 13.70 billion rupee campus in the same city, and is expected to generate 12,000 jobs. The move aligns with Cognizant's strategy to optimise real estate costs. In May 2023, Chief Executive Ravi Kumar S said the company would relinquish 11 million square feet of office space globally, mainly in India's largest cities, while investing in tier-2 Indian cities. Globally, IT companies, including those in India's $283 billion sector, are taking cost-cutting measures such as monetising real estate assets and delaying wage increases amid demand uncertainty. Last month, the Teaneck, New Jersey-based company raised its annual revenue forecast and beat first-quarter results driven by increased demand for AI-powered IT services. Cognizant expects 2025 annual revenue between $20.5 billion and $21.0 billion, compared to previous outlook of the midpoint of $20.30 billion to $20.80 billion.
India Today
10 hours ago
- Business
- India Today
Chandrababu Naidu clears Rs 28,546 crore projects, to create 30,000 jobs in state
In a boost to industrial development, the Andhra Pradesh government, under the leadership of Chief Minister N Chandrababu Naidu, approved investment proposals worth Rs 28,546 crore at the 7th meeting of the State Investment Promotion Board (SIPB). The 19 approved projects are expected to generate over 30,000 jobs across the this round of approvals, the cumulative investments sanctioned under the Naidu-led government have now reached Rs 5.34 lakh crore, with an estimated 4.73 lakh job opportunities created across all seven SIPB meetings held so The cleared proposals span key sectors including information technology, renewable energy, manufacturing, and hospitality. Notable names among the investors include Cognizant, Adani Energy, Raymond, and Reliance, among others, signaling strong industry confidence in Andhra Pradesh's growth the major investments, Cognizant is set to establish a state-of-the-art IT campus in Visakhapatnam with a Rs 1,582 crore investment that will create 8,000 jobs. Raymond's Rs 1,202 crore proposal will lead to 6,571 jobs, following earlier discussions between IT Minister Nara Lokesh and Raymond Chairman Gautam Hari Singhania. The Adani Group has committed over Rs 18,900 crore in green and hydropower projects across Kadapa and other districts, while Reliance Consumer Products will invest Rs 1,622 crore in Orvakal, generating 1,200 projects cleared include ventures in logistics, agro-processing, precision manufacturing, and luxury hospitality, with investments spread across regions like Anantapur, Chittoor, Tirupati, Amaravati, East Godavari, and Sri Sathya Sai district. advertisementChairing the meeting, Chief Minister Naidu emphasised the importance of balanced regional development and youth empowerment, stating that locals should be the primary beneficiaries of the jobs being stressed that skill development must be treated as a core policy objective, aligning with the government's broader vision for inclusive economic growth. The swift pace of investment approvals is seen as a result of targeted outreach efforts led by IT Minister Nara Lokesh, who has been actively engaging with industry leaders to position Andhra Pradesh as a top destination for by Leju Joy. R IN THIS STORY#Andhra Pradesh
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Business Standard
10 hours ago
- Business
- Business Standard
Cognizant gets 21-acre plot in Andhra for 99 paise to build IT campus
The Andhra Pradesh government will allocate 21.31 acres of land to Cognizant Technology Solutions for a nominal lease price of just 99 paise. As part of the deal, the company is expected to invest ₹1,582.98 crore to set up an information technology (IT) campus in Visakhapatnam. Cognizant aims to create approximately 8,000 jobs in the region over a period of eight years, further boosting the state's IT ecosystem. The company sought 21.31 acres of land at Kapulauppada under the Visakhapatnam Metropolitan Region Development Authority. It plans to begin commercial operations by March 2029, with the entire project being 100 per cent self-funded. The deal is part of the state government's approval on Thursday of 19 industrial projects worth ₹28,546 crore, including ₹18,910 crore in investments by the Adani Group. Other major projects include Reliance Consumer Products investing ₹1,622 crore in Orvakal, Chinta Green Energy ₹2,323 crore in Kadapa, and Raymond ₹1,201 crore across various locations. The agreement with Cognizant follows state IT Minister Nara Lokesh's meeting with Cognizant Chief Executive Officer S Ravi Kumar at the World Economic Forum in Davos earlier this year, where Lokesh encouraged the company to consider setting up operations in Tier-2 cities like Visakhapatnam, according to Moneycontrol. Similar deal with TCS The decision also comes months after the state struck a similar deal with Tata Consultancy Services (TCS). Under that agreement, TCS will invest ₹1,370 crore to establish a development centre in the city, generating over 12,000 jobs in return for a 99-paise lease for 21.16 acres of land. 'With continuous follow-ups and discussions between the state government and TCS, (Nara) Lokesh has piloted an allotment of 21.16 acres of land in Vizag to TCS for a total consideration of 99 paise. It is a bold decision to signal to the industry that Andhra Pradesh is serious about attracting IT investments,' a government source told Business Standard at the time. The Cognizant deal is seen as another success for Lokesh, who has played a key role in driving IT growth and attracting global technology companies to the state. The state government has set a target of creating around 2 million jobs and aims to attract investments worth over ₹40 trillion by 2029. It has also announced a special IT and global capability centres policy to attract multinational firms with strong financial incentives.
