 "Cognizant’s Chennai HQ Up for Sale Amid Controversial Pay Practices")
Cognizant, a major technology firm, has put its India headquarters in Chennai up for sale, potentially bringing in around Rs 800 crore. The property, which has served as its headquarters for over 20 years, spans 15 acres and includes a large office space along the IT Corridor. The company has enlisted JLL, a property advisory firm, to facilitate the sale. As part of its restructuring, Cognizant is considering moving its headquarters to the MEPZ campus near Tambaram. Recently, the company faced criticism over its salary offerings for fresh graduates, which some claimed were unfair, while it also appointed a new global head of operations and chairman for India.
Cognizant, one of the leading technology firms, has officially listed its headquarters in Chennai, India for sale. This significant move could potentially yield up to Rs 800 crore, as reported by The Times of India. The headquarters has been the company’s base in India for more than two decades and sits on a 15-acre property, featuring a spacious office area of around 400,000 square feet located along Chennai’s thriving IT Corridor.
To manage the sale, Cognizant has engaged the property advisory firm JLL. Several local developers, including Baashyaam Group and Casagrand, have reportedly shown interest in buying the property. The company is considering relocating its headquarters to the MEPZ campus near Tambaram on GST Road in Chennai. This shift aims to streamline operations by consolidating their activities into three key locations: MEPZ, Sholinganallur, and Siruseri.
Recently, Cognizant also found itself in the spotlight due to a controversy surrounding its pay structure for fresh graduates. Reports indicated that the company offered Rs 2.52 lakh annually to freshers, leading to widespread criticism regarding wage fairness. In response, Cognizant clarified that this salary was meant for non-engineering candidates, while engineering graduates typically earn between Rs 4 lakh and Rs 12 lakh annually. The situation sparked debates about fair pay practices, especially in light of Cognizant’s CEO receiving a compensation of approximately Rs 186 crore last year.
As the company navigates these changes, it has also announced the appointment of Rajesh Varrier as the global head of operations and the chairman and managing director for India, marking another significant step in its ongoing evolution.
This decision to sell the headquarters and the surrounding controversy surrounding pay structures highlight Cognizant’s active engagement with both the real estate Market and its workforce policies.
Tags: Cognizant, Chennai headquarters, real estate, JLL, freshers pay controversy, technology firms, India news, company restructuring
What is Cognizant doing in Chennai?
Cognizant is putting its office in Chennai up for sale. They are looking to sell it for a deal worth up to Rs 800 crore.
Why is Cognizant selling the Chennai office?
Cognizant is selling the Chennai office as part of their strategy to optimize their real estate and focus on their core business.
How much money does Cognizant expect to get from the sale?
Cognizant expects to get up to Rs 800 crore from selling the Chennai office.
What will happen to the employees in the Chennai office?
Cognizant has not specified what will happen to the employees after the sale. It will depend on the buyer’s plans for the office.
When is the sale expected to happen?
There is no specific timeline provided for the sale of the Chennai office, but Cognizant will be looking for buyers soon.
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