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The Andhra Pradesh government on Wednesday ratified the allotment of 40 acres of land to Cognizant Technology Solutions India Pvt Ltd and 75 acres to Tata Consultancy Services at Adibatla on the outskirts of Hyderabad.
Briefing newsmen after the cabinet meeting, Information & Public Relations Minister Anam Ramnarayan Reddy said the land, currently under the state-owned AP Industrial Infrastructure Corporation, would be allotted to these companies at a rate of Rs 40 lakh per acre (that is, Rs 20 lakh towards land cost and Rs 20 lakh towards development charges).
The Memoranda of Understanding had already been signed with Cognizant Technology Solutions on February 24 and with TCS on April 19 this year.
While Cognizant has committed to invest Rs 330 crore (Rs 3.3 billion) and build around 20 lakh (2 million) square feet for accommodating 12,000 employees by 2012, TCS is to invest Rs 400 crore (Rs 4 billion) and build around 15 lakh (1.5 million) sft for accommodating 15,000 employees by 2013.
"Growth of IT and ITES industry in Andhra Pradesh, more particularly in Hyderabad, is a success story. In order to reduce the congestion in Hitec City area and to open up new vistas for IT growth In Greater Hyderabad, Adibatla is the new IT destination," the minister said.