New Jersey-based Cognizant has put its regional headquarters in India up for sale, according to several media outlets in the sub-continent over the weekend.
The sale of the office complex in Chennai could potentially fetch up to Rs 800 crore in Indian Rupees, or close to $100 million.
The 15-acre property, in the heart of the city’s thriving IT corridor, has been Cognizant’s India headquarters for more than two decades.
The information tech and software testing firm has reportedly appointed property advisory firm to handle the sale.
Cognizant is reportedly considering streamlining its operations in India, by moving its Chennai staff to a smaller complex in the Tambaram area of the city.
The planned sale comes only months after Cognizant made national headlines in India over its hiring practices for graduates. Multiple reports claimed the US company underpaid fresh hires and ignoring factors such as inflation and cost of living.
Many in India pointed out that the firm’s CEO, Ravi Kumar Singisetti is among the highest-paid chief executives in India, receiving close to $23 million last year.
Belcan deal
The reported move comes as Cognizant confirmed it has completed the sale of Belcan for just over $1.3 billion in cash and stock.
Belcan, a leading supplier of engineering research & development, producing large amounts of testing data. It is mainly active in North America and the UK.
First announced in June, the acquisition strengthens Cognizant’s engineering capabilities, according to Kumar.
“We believe our combined capabilities, shared focus of providing value to our clients through distinctive technological expertise, and global scale and scope means we will be able to deliver high-quality solutions to a diverse mix of customers around the world.”
Belcan employs around 6,500 engineers and technical consultants. It is mostly active in North America and the UK.
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