After TCS, Cognizant gets 21 acres in Andhra for 99p
What's the story
The Andhra Pradesh government has given 21.31 acres of land to IT giant Cognizant at a nominal price of 99 paise.
The company plans to build an IT campus in Visakhapatnam as part of the agreement.
Cognizant has committed to investing ₹1,582 crore and creating 8,000 jobs in return for the land.
The deal comes two months after a similar arrangement (21.16 acres of land) with Tata Consultancy Services (TCS).
Economic impact
Campus to be ready by March 2029
The proposed IT campus will be strategically located, around 600km from Hyderabad and 800km from Chennai.
The company plans to start commercial operations by March 2029.
This move is expected to give a major boost to the local economy of Visakhapatnam, which has been identified as a potential new hub for IT investments by the state technology minister, Nara Lokesh.
Investment strategy
Visakhapatnam: A new hub for IT investments
Lokesh had said in April that he wants to make Visakhapatnam a new hub for IT investments.
"I keep joking and telling people that if Goa were to marry Bangalore and have a child, that could be Visakhapatnam," he said.
The state government is also working with other companies, such as Mahamaya Industries Limited, to expand their operations in Vizianagaram, which is part of the broader region.