Cognizant : The iconic Cognizant headquarters, which is located in Chennai’s IT Corridor and is essential to the company’s operations, is set to be sold. Situated in Okkiyam Thoraipakkam, the property comprises 400,000 square feet of office space spread across 15 acres. The Times of India reported that the corporation might profit from the sale for anywhere between ₹750 crore and ₹800 crore.
The Cognizant co-founders Lakshmi Narayanan and Chandrasekaran operated out of the Chennai campus, which holds historical significance for the company. This marked a significant turning point in the company’s development when Cognizant remotely rung the Nasdaq opening bell. The company has also moved from its former rented location in the CSI building near the US Consulate to its first totally owned facility in Chennai.
Cognizant has announced its intention to finalize the sale and relocate from its Chennai headquarters by December 2024. The international property advisory firm JLL has been tasked with overseeing the sale process. Negotiations with prospective buyers, including local developers like Baashyaam Group and Casagrand, are still in progress, and no agreements have been finalized.
Following the transaction, Cognizant will establish its new Indian headquarters at the MEPZ complex on GST Road, close to Tambaram. This move is a component of a bigger strategy to consolidate operations into three buildings owned by the corporation, located in Siruseri, MEPZ, and Sholinganallur. The business is also reducing the amount of leased office space it has in prominent Chennai neighborhoods like Ramanujan IT Park, DLF, and St Mary’s Road buildings in R A Puram.
Cognizant Technology Solutions recently made news when it was revealed that some of its employees had received yearly pay raises as little as 1% from the IT services behemoth. Furthermore, it was reported that the corporation was providing new personnel with its lowest compensation packages in ten years. The pay increases were finally put into effect after a four-month delay.
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