Cognizant to invest $500 mn in real estate in next four years

CHENNAI: IT major Cognizant today announced its intention to pump in more than $500 million in the next four years in real estate develpment as part of its expansion programme.

The company will invest the amount through the end of 2014 to expand its owned campus footprint with the addition of over 8 million square feet, which will have the capacity to house more than 55,000 employees, a statement said today.

"This current real estate expansion program is part of our ongoing strategy of investing in our people, processes, systems, and infrastructure to support our long-term growth," said Gordon Coburn, Chief Financial and Operating Officer of Cognizant.

The real estate development program would create additional software development and training facilities in the Special Economic Zones in Chennai, Pune, Coimbatore, and Kolkata, the statement said.

In addition to the construction of owned facilities, Cognizant would continue to actively lease additional facilities throughout India to meet its future staffing requirements, it said.

"We will continue to evaluate opportunities for further construction expansion over the coming years", Coburn added.