Even as the allocation of 22 acres of prime land to Tata Consultancy Services (TCS) for a nominal price of 99 paise in Visakhapatnam by the Chandrababu Naidu government in Andhra Pradesh a couple of months ago has drawn sharp criticism from various quarters, another IT company got the same favour.
An official statement from the chief minister’s office (CMO) said on Friday that the state investment promotion board (SIPB) chaired by chief minister N Chandrababu Naidu decided to allocate 21.31 acres of land to Cognizant Technology Solutions at a nominal price of 99 paise.
Stating that it is a major boost to Andhra Pradesh’s IT ecosystem, the CMO statement said Cognizant is all set to establish a world-class IT/ITES campus in Visakhapatnam with an investment of Rs 1,582.98 crore. The project is expected to create 8,000 jobs over the next few years.
Cognizant has sought 21.31 acres of land at Kapulauppada under the Visakhapatnam Metropolitan Region Development Authority (VMRDA), and the state government would allot the land for a nominal rate of just 99 paisa.
“This move is being seen as another big win for Vizag as an emerging hub for IT investments and for IT Minister Nara Lokesh, who has been actively driving investments and IT development across the state,” the statement said.
The company has set a target of March 2029 for the commencement of commercial operations.
“With the entire project being 100% self-funded, Cognizant’s expansion into Visakhapatnam reinforces its long-term commitment to Andhra Pradesh,” it said.
The CMO statement added that the investment further cements the state’s reputation as a rising IT hub.
