Cognizant to Sell Chennai India HQ for ₹750-800 Crore, Report Reveals
In a strategic move to consolidate its operations, IT major Cognizant has put its India headquarters in Chennai up for sale. The property, located at Okkiyam Thoraipakkam on the city’s IT Corridor, is expected to fetch between ₹750-800 crore, according to a report by the Times of India.
In a strategic move to consolidate its operations, IT major Cognizant has put its India headquarters in Chennai up for sale. The property, located at Okkiyam Thoraipakkam on the city’s IT Corridor, is expected to fetch between ₹750-800 crore, according to a report by the Times of India.
The Chennai property has served as Cognizant’s India headquarters for over two decades and was once the operational base for the company’s founders, Lakshmi Narayanan and Chandrasekaran. The campus, which spans 15 acres and includes 400,000 square feet of office space, was also the site of the landmark event where Cognizant remotely rang the Nasdaq opening bell.
Cognizant’s decision to sell its headquarters is part of a broader strategy to streamline its operations. The company plans to consolidate its activities into three other locations: MEPZ, Sholinganallur, and Siruseri. This consolidation follows a trend of the company relinquishing leased spaces across Chennai, including notable locations such as Ramanujan IT Park and DLF.
International property advisory JLL has been appointed to handle the sale. JLL has been in discussions with several prospective buyers, including local developers like the Baashyaam Group and Casagrand. However, no final agreements have been reached yet.
In April 2024, Cognizant faced legal scrutiny when the Anti-Corruption Bureau (ACB) of the Maharashtra Police registered a case against the company, along with infra giant Larsen & Toubro (L&T) and unidentified government officials, over an alleged $7.7 million bribery scandal. The case involves accusations of bribing officials to secure permits and environmental clearances for Cognizant’s Hinjawadi campus.
Cognizant is expected to vacate the current Chennai headquarters by December 2024, with plans to potentially move its operations to its MEPZ campus located near Tambaram on GST Road.
Sources by Agencies
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