Cognizant may invest Rs 500 crore in Pune unit

MUMBAI: IT major Cognizant is planning to invest Rs 500 crore in its Pune unit and the Maharashtra government has expressed its willingness to approve more land needed for the company's expansion.

This emerged at a meeting between Maharashtra Chief Minister Devendra Fadnavis and Cognizant President Gordon Coburn at 'Make In India' lounge in Davos during the ongoing World Economic Forum summit.

An official release said here today that the state government has expressed its readiness to hand over a letter of land approval to Coburn after he raised a demand for more land for the new phase of its development.

Coburn praised the work force available in Pune and expressed his desire to increase the company's presence there.

According to the release, he said the company has one of the lowest attrition rates in Pune. Further, he appreciated the way the processes in Maharashtra were being streamlined.

The company has already invested more than Rs 1,000 crore and is planning to invest more than Rs 500 crore, which will create 20,000 jobs, the release quoted Coburn as saying.

When a demand for more land came in from him, the state immediately expressed it's readiness for offer the letter for the new phase.

Meanwhile, Japanese External Trade Organisation (JETRO) Chairman Hiroyuki Ishige held discussions with Fadnavis on setting up an investment park at Supa in Ahmednagar district and also evinced interest in investing in the manufacturing sector in the state.

Fadnavis assured all assistance in land allotment and infrastructure, the release added.