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Hindustan Times
10-06-2025
- Business
- Hindustan Times
Infosys leases over 1 lakh sq ft office space in GIFT City for ₹57.26 lakh monthly rent. Here's all we know
Tech giant Infosys Limited has leased 1.03 lakh sq ft office space in Gujarat's GIFT City for a monthly rent of ₹57.26 lakh for 10 years, lease documents accessed by Propstack showed. Real estate experts say the deal is expected to boost the commercial real estate market in the area. Infosys has leased office space in the PRAGYA-2 building, located in Gandhinagar, Gujarat. The development centre spans four contiguous floors (14 to 17) and is designed to accommodate up to 1,000 employees. Real estate experts say this move marks a significant expansion of the IT major's footprint in India's only operational International Financial Services Centre (IFSC). According to the lease documents, the rental agreement commenced in October 2024 and is valid for 10 years. Infosys is paying ₹55 per sq ft per month on the chargeable area of 1.03 lakh sq ft and ₹108 per sq ft per month on the carpet area, which measures 53,020 sq ft. The lease includes an annual rent escalation of 5%. Infosys has paid a security deposit of ₹3.43 crore to the landlord, Savvy Realty Creators LLP. The agreement also provides for 71 dedicated car parking slots, with the option to lease additional spaces at ₹2,000 per slot per month. The lease carries a lock-in period of three years, documents showed. The office space was officially inaugurated on June 7. "It will function as a key TechFin hub, delivering advanced digital solutions for global BFSI clients. Its services will span critical domains including digital banking, regulatory affairs, trade finance, capital markets, cards and payments, as well as risk and compliance management," Infosys said in a regulatory filing. The new development centre was inaugurated by the Chief Minister of Gujarat, Bhupendrabhai Patel, on June 7. Jayesh Sanghrajka, Infosys's chief financial officer, was quoted as saying, 'Setting up our Development Centre in GIFT City is a strategic step aligned with our vision of leading innovation in financial services from within India's foremost international financial hub. GIFT City offers a robust, future-ready environment that enables digital transformation through cutting-edge technologies such as AI, Gen AI, cloud, and blockchain. This presence not only strengthens our global delivery model but also reinforces our long-term commitment to the region's economic development and digital evolution.' Email queries have been sent to Infosys and Savvy Realty Creators. If a response is received, the copy will be updated. Also Read: GIFT City in Gujarat: Here's what you should know about India's first IFSC and a global financial hub Located between Ahmedabad and Gandhinagar, Gujarat International Finance Tec-City, better known as GIFT City, sprawls over 880 acres along the Sabarmati River. The city is structured into two key zones: a Special Economic Zone (SEZ) tailored for export-oriented businesses, and a domestic area designed to support residential and commercial activity. About 30% of the city is currently developed and operational, with another 30% designated for upcoming housing and community spaces. Real estate experts said that the Special Economic Zone (SEZ) area within GIFT City exhibits negligible vacancy in commercial Grade A assets, indicating high demand. "The SEZ micro-market demonstrates minimal vacancy levels, recorded at 1.46% and strong annual net absorption of 0.5 million square feet in 2024. While the current supply is tight, new commercial inventory is anticipated by the end of 2025. The rentals for Grade A buildings are on an upward trajectory, reaching north of ₹70 per sq ft per month," Samantak Das, executive director and head of research and REIS, JLL India, told Experts pointed out that the robust commercial ecosystem is further strengthened by the presence of major financial and IT companies, including Infosys, Cognizant, Infineon Technologies, Accenture, Wipro, Bank of America, Morgan Stanley, and JP Morgan. On the residential front, Das said over 14 million sq ft (about 23%) of the city's total construction allocation is dedicated to residential development and 6 million sq ft (about 10%) to social development. Also Read: GIFT City liquor permit rules eased; Real estate developers say move to attract investments Real estate experts say investors can expect a return on investment (ROI) in the range of 7% to 8% in Gift City, which is considered healthy given the market conditions and the city's rapid development trajectory. "Investors should first understand the distinction between the Domestic Tariff Area (DTA) and the International Financial Services Centre (IFSC), as both zones offer distinct advantages. GIFT City has gained attention on the global stage, drawing interest from international investors due to its phenomenal growth story. Whether investing in residential or commercial assets, GIFT City presents a promising opportunity," Rumit Parikh, senior director of occupier strategy and solutions at Knight Frank India, said. Additionally, there is no Goods and Services Tax (GST) on services received by an Indian Financial System Code (IFSC). "Similarly, transactions conducted on IFSC exchanges are also exempt from GST. Investors continue to benefit from exemptions on Securities Transaction Tax (STT), Commodities Transaction Tax (CTT), and stamp duty for transactions carried out on IFSC exchanges," Das said.
Mint
09-06-2025
- Business
- Mint
Cognizant and Infosys are tapping a new trend in IT deals to combat tough times
Top companies globally are cutting down on the number of information technology (IT) outsourcers they are working with and consolidating work across silos to a few vendors in an effort to cut costs amid uncertainty over the US administration's flip-flops on trade tariffs. Infosys Ltd and Cognizant Technology Solutions Corp, two of India's biggest IT services companies, said during calls with analysts that the move towards so-called 'vendor consolidation deals' is poised to benefit them. Jayesh Sanghrajka, CFO of Bengaluru-based Infosys, and Sandeep Mahindroo, the company's financial controller, told analysts at Kotak Institutional Equities that such deals have become important for the company. 'The IT industry currently does not have a healthy flow of net new deals. Infosys has plenty of vendor consolidation deals in the pipeline, a key area of focus," said Kotak analysts Kawaljeet Saluja, Sathishkumar S, and Vamshi Krishna, in a note dated 6 June. A day earlier, larger peer Cognizant had echoed a similar perspective in a conversation between Surya Gummadi, president of Cognizant Americas, and Bank of America analyst Jason Kupferberg during the bank's annual global technology conference. 'The clients are not necessarily solving for vendor consolidation, but they are solving for cost optimisation," Gummadi said. 'To accomplish the cost optimisation, they are trying to break the silos across multiple vendors and they are trying to consolidate players to a few who can deliver maximum value and provide end-to-end solutions." Gummadi added that Cognizant is getting 'benefitted in that segment". Also read | Cognizant wins $1 billion deal from US-based healthcare company However, both Infosys and Cognizant said they have not seen any ramp-down in client spends or project cancellations. New Jersey-based Cognizant is considered an Indian heritage IT firm as about three-fourths of its employees are based in the country. To be sure, other Indian IT services companies such as Tata Consultancy Services (TCS), LTIMindtree Ltd, and Persistent Systems Ltd have also signalled that clients across segments are looking to reduce the number of IT outsourcers they work with. 'Companies do these vendor consolidation exercises to reduce expenses and incentivise their existing IT vendors to do the extra work at a lower cost," said Pramod Gubbi, founder of Marcellus Investment Managers. Tough times In terms of financial performance, Cognizant ended 2024–its financial year is from January to December–with $19.74 billion in revenue, up 1.98% compared to a revenue decline of 0.4% in 2023. To be sure, much of its growth has been powered by acquisitions. Infosys, India's second-biggest IT company, clocked 3.85% growth in revenue to $19.28 billion in the fiscal year ended March 2025, compared to 1.9% growth in the previous fiscal. Also read | Cognizant to hire 20,000 freshers in 2025 to support AI-led software services As for other IT companies, market leader TCS reported revenue growth of 3.78% to $30.18 billion in FY25, while third-placed HCLTech led growth in the market with revenues climbing 4.3% to $13.84 billion. However, two other large companies–Wipro Ltd and Tech Mahindra Ltd–reported revenue decline of 2.72% and 0.21%, respectively, to $10.51 billion and $6.26 billion. Large deals A bright spark for Cognizant was when Gummadi announced that the company won two deals upwards of $500 million since the start of 2025, one of which exceeded $1 billion. For Infosys, though, large deals were hard to come by, raising questions on revenue growth in the year ahead. The company reported a 34% year-on-year fall in value of large deals to $11.6 billion in FY25. To be sure, Infosys calls out only the large deals, those exceeding $50 million in annual revenue. Also read | Infosys CEO Salil Parekh gets 22% salary hike, payout now stands at ₹80.62 cr As for the current fiscal year, Cognizant expects to end 2025 with $21 billion, translating to a full-year revenue growth of 6.4%, even as Infosys projected flat-to-3% revenue growth in constant currency terms for FY26, its slowest projection at the start of the year since April 2009, when it had projected a revenue decline of 6.7-3.1% for FY10. However, the Kotak analysts are optimistic on Infosys's FY26 prospects. 'The strong positioning in cost take-outs, vendor consolidation exercises and AI will help Infosys weather the storm," said the Kotak analysts, adding that Infosys is vulnerable to pull-back in non-essential tech spending as it had higher exposure to such deals compared with peers.
Business Upturn
07-06-2025
- Business
- Business Upturn
Infosys inaugurates new Development Center at GIFT City to boost BFSI Tech services
Infosys (NSE, BSE, NYSE: INFY), a global leader in digital services and consulting, has inaugurated its new Development Center (DC) at Gujarat International Finance Tec-City (GIFT City), Gandhinagar. The newly launched facility is designed to support over 1,000 employees operating in a hybrid work model. The center will serve as a strategic TechFin hub, focusing on delivering advanced digital solutions to global Banking, Financial Services, and Insurance (BFSI) clients. Key service areas include digital banking, regulatory compliance, capital markets, trade finance, cards and payments, and risk management. Infosys will harness cutting-edge technologies such as Artificial Intelligence (AI), Generative AI (Gen AI), cloud, APIs, blockchain, and cybersecurity to provide seamless cross-border digital services and enhance client engagement. The Development Center was inaugurated by the Hon'ble Chief Minister of Gujarat, Shri Bhupendrabhai Patel. Infosys CFO Mr. Jayesh Sanghrajka, Senior Vice Presidents Mr. Niladri Prasad Mishra and Mr. Rajneesh Malviya, along with senior government officials, were present at the event. Aligned with Infosys' ESG (Environmental, Social, and Governance) goals, the facility integrates sustainable design features including energy efficiency, water conservation, and smart operational systems. The workplace also supports collaboration, productivity, and innovation through a future-ready hybrid office model. This initiative reinforces Infosys' commitment to strengthening India's role as a global financial technology hub and driving innovation in the BFSI sector. Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Time of India
07-06-2025
- Business
- Time of India
FinTech push: Infosys opens GIFT City centre for BFSI digital services; new hub to house over 1,000 employees in hybrid model
Infosys on Saturday announced the opening of its new development centre at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, marking a strategic expansion of its presence in India's premier international financial hub. Tired of too many ads? go ad free now The Bengaluru-based IT major said the facility will support more than 1,000 employees in a hybrid working setup and serve as a key TechFin hub delivering advanced digital solutions for global clients in the banking, financial services and insurance (BFSI) sector. 'This centre will offer a state-of-the-art facility for over 1,000 employees in a hybrid working model. It will function as a key TechFin hub, delivering advanced digital solutions for global BFSI clients,' Infosys said in a statement, as quoted an ET report. The centre will provide services in digital banking, capital markets, trade finance, regulatory and compliance functions, cards and payments, and risk management. It will also harness technologies such as AI, generative AI (GenAI), cloud, API, cybersecurity, and blockchain to enable cross-border digital solutions. According to the company, the GIFT City hub aligns with Infosys's global delivery strategy and strengthens its capabilities in delivering seamless tech-enabled financial services. 'Setting up our development centre in GIFT City is a strategic step aligned with our vision of leading innovation in financial services from within India's foremost international financial hub," said Jayesh Sanghrajka, chief financial officer, Infosys. Designed as a future-ready hybrid workplace, the centre will also focus on enhancing productivity and fostering collaboration, the company said.
Time of India
07-06-2025
- Business
- Time of India
Infosys sets up development centre in Gift City with 1,000 employees capacity
Infosys announced the inauguration of its new development centre at Gujarat International Finance Tec-City ( GIFT City ) in Gandhinagar on Saturday. "This centre will offer a state-of-the-art facility for over 1,000 employees in a hybrid working model . It will function as a key TechFin hub, delivering advanced digital solutions for global BFSI clients," Infosys said in a statement. Its services will span critical domains including digital banking, regulatory affairs, trade finance, capital markets, cards and payments, as well as risk and compliance management, it added. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villa For Sale in Dubai Might Surprise You Villas in Dubai | Search ads Learn More Undo The centre will leverage the latest technologies, such as artificial intelligence (AI) and generative AI (GenAI), cloud computing, application programming interface (API), cybersecurity and blockchain, to deliver seamless cross-border digital services and enhance client proximity to strengthen India's position as a global financial technology powerhouse. The centre strengthens the Bengaluru-headquartered IT bellwether's global delivery model. Live Events 'Setting up our development centre in GIFT City is a strategic step aligned with our vision of leading innovation in financial services from within India's foremost international financial hub," said Jayesh Sanghrajka, chief financial officer, Infosys. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The centre is designed as a future-ready hybrid workplace, focusing on enhancing productivity and building social capital among other things.
