Cognizant plans to sell office assets in Hyderabad, Chennai

Software services firm Cognizant Technologies intends to sell its office assets in Hyderabad and Chennai as part of its strategy to become asset-light and capitalise on non-core real estate.

The company plans to divest its 10-acre campus in Gachibowli, Hyderabad, and a 14-acre campus in Siruseri, Chennai, aligning with its cost-cutting restructuring plan to save $400 million over two years, including vacating 11 million square feet of office space.

“Cognizant is re-evaluating its entire real estate portfolio and has given up rented properties in some geographies. In some cases, the company has renegotiated the rent and downsized the assets too,” said multiple people aware of the transaction.