According to sources, Cognizant has expressed keen interest in acquiring close to 20 acres of land in the Siruseri IT park in the outskirts of the city, promoted by the State Industries Promotion Corporation of Tamilnadu (SIPCOT).
The company has applied for purchasing land to set up a centre. The project would call for a total investment of Rs 100 crore, sources said.
When contacted, Cognizant officials confirmed the move, but declined to comment on the total investment for the project.
We have given a letter of intent (LOI) to the state agency for acquiring land in the Siruseri IT park. The proposed centre will be used for the companys expansion plans, company officials said.
Cognizant has grown at a fast pace over the past couple of years and during the quarter ended March, 2004, it reported a revenue growth of 61 per cent to touch $119.7 million.
Meanwhile, to keep its topline growing, Cognizant is taking a leased space of 1,20,000 sq ft at Cee Dee Yes IT Park at Navalur near Chennai. Company officials said that this was to meet Cognizants immediate expansion plans in Chennai, until the second phase of its technocomplex becomes operational by the end of 2005.
Speaking to FE, R Rajagopalan, vice-president, finance and administration, Cognizant, said This leased building can accommodate between 1,200 and 1,300 professionals and has all the infrastructural facilities that Cognizant looks for to efficiently service our global customers. Cognizant is expanding rapidly its own fully owned techno-complexes and additional leased premises, he added.