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Cognizant hikes India investment to $76 million
By siliconindia staff writer
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Wednesday, 27 October 2004, 19:30 IST
CHENNAI: Leading IT service provider Cognizant Technology Solutions on Tuesday announced an increase in investment of $34 million to $76 million in India to expand its Chennai, Pune, Kolkota and Bangalore facilities.
The Nasdaq-listed Cognizant will also be setting up a new training academy in Chennai, the company said here.
The expansion is to meet the strong demand for offshore services, said Lakshmi Narayanan, its President and CEO.
The new facilities will add about 830,000 sq ft of space to house 9000 employees, as well as about 1,00,000 sq ft of educational space for use by Cognizant's training academy, he said in a statement here.
"Cognizant expects to spend approximately $76 million on the expanded construction programme and land purchases, an increase of about $34 million compared to the expansion programme announced in December 2003," he said.
Gordon Coburn, Chief Financial Officer, Cognizant, said the robust growth this year necessitated the expansion of capacity in Chennai, Pune, Kolkota and Bangalore, as well as to construct a training academy in Chennai.
Cognizant had completed its first phase of expansion last November, which provided space for close to 6,000 employees.
Phase-two, launched earlier this year, is to construct 6,00,000 sq ft of development space.