Cognizant on Thursday said it has entered into an MoU with Tamil Nadu to invest Rs 1,000 crore over five years to expand its delivery infrastructure both in Chennai and Coimbatore. The MoU was signed at the state’s Global Investors Meet (GIM) by chief operating officer T Sridhar.
“In the next phase of growth in Tamil Nadu, we intend to develop world-class global delivery centres in Chennai and Coimbatore. When complete, the centres will have a capacity to accommodate 17,000 to 20,000 professionals,” said Lakshmi Narayanan, vice-chairman.
Cognizant, which was founded in Chennai in 1994, shares a special relationship with Tamil Nadu. In the past 20 years, it has seen significant growth in Tamil Nadu and globally. The company has grown its revenue from about $2 million in 1994 to over $10 billion in 2014, and its headcount from about 175 professionals in one delivery centre in Chennai to over 2,18,000 in over 100 delivery centres worldwide in 2014. “Today, we employ over 70,000 professionals in Tamil Nadu, across Chennai and Coimbatore. We have hired several thousand students from engineering, management, arts, science and commerce institutions in the state, and nurtured them into world-class software, management and business process professionals,” he added.
Wonderla Holidays to invest Rs 300 cr in Chennai amusement park
Amusement park operator Wonderla Holidays on Thursday announced investment of Rs 300 crore in five years in Tamil Nadu. The company signed an MoU with the state at the Global Investor Meet. According to the MoU, the company will set up a large-scale amusement park on a land parcel of 55 acres on the OMR-GST region in Chennai. It is planning to raise a debt of Rs 120 crore for the project while the rest will be funded through internal accruals, it said.
Embassy Group forays into industrial parks
Real estate major Embassy Group on Thursday signed an MoU with Tamil Nadu at the Global Investors Meet for development of an industrial park with a projected total investment of Rs 900 crore. It will mark the group’s strategic foray into the industrial, logistics and warehousing business. The proposed 198 acre industrial and warehousing project will be developed 50 km away from Chennai at Sriperumbudur.
Uber signs MoU with Tamil Nadu
Taxi-hailing technology platform Uber has signed an MoU with the Tamil Nadu government to create over 30,000 entrepreneurial opportunities for independent driver-partners, promoting socio-economic development of the state. It recently launched operations in Coimbatore, the second city in Tamil Nadu after Chennai, and plans to expand its footprint further.