Leading IT services provider Cognizant Technology Solutions Corp plans to build three more fully-owned technocomplexes covering over 600,000 sq feet area for its 6,500 employees in Pune, Chennai and Bangalore.
Work on these facilities is expected to begin in early 2004, the company said.
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Cognizant expects to spend approximately $40 million over the next two years on its new construction programme. Once fully occupied, these additional facilities are expected to generate annual operating expense savings of approximately $10 million, compared to expanded use of leased facilities.
"Cognizant has grown faster than competition this year and demand continues to be at an historically high level," said Lakshmi Narayanan, company's newly appointed CEO.
"Clients are ramping up their large-scale offshore programmes, including application development and maintenance projects. Our anticipated high growth rate in revenue and headcount provides an opportunity for us to build and own additional facilities," Narayanan said.
