Financial Daily from THE HINDU group of publications
Tuesday, Dec 23, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 23, 2003 |
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Info-Tech
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Outlook Cognizant planning $40-m ramp-up, to hire 4,000 more Our Bureau
Bangalore , Dec. 22 COGNIZANT Technology Solutions is planning an aggressive ramp-up of its India operations by investing close to $40 million in creating additional infrastructure. The company, which already has 9,000 employees, expects to hire over 4,000 in 2004. The company said on Monday that it plans to set up three new fully owned techno-complexes with over six lakh sq. ft of space capable of accommodating some 6,500 employees in Pune, Chennai and Bangalore. It expects to invest about $40 million over the next two years in expanding its infrastructure and work on the new facilities is expected to begin in early 2004. "Once fully occupied, these additional facilities are expected to generate annual operating expense savings of approximately $10 million compared to the expanded use of leased facilities," the release said. "Cognizant has grown faster than the competition this year and demand, including the pipeline, continues to be at an historically high level," said Mr Lakshmi Narayanan, President and CEO. "Clients are ramping up their large-scale offshore programmes, including application development and maintenance projects. Our anticipated high growth rate in revenue and headcount provides an opportunity for us to build and own additional facilities," he added. Mr Gordon Coburn, Chief Financial Officer, said: "Last month we completed the first phase of facility construction which was launched in 2001." He added: "That initial programme provided space for close to 6,000 employees. It was completed on time and on budget and has resulted in a meaningful reduction in our real estate costs." According to him, these initial facilities will reach capacity sooner than originally planned, creating the opportunity to expand the campuses in Pune and Chennai and to establish a campus in Bangalore.
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