Infosys buys Essar’s IT park for Rs 115 crore

Infosys

BANGALORE: Infosys Technologies has bought out Essar's technology park in Bangalore for about Rs a hundred and fifteen large integer, aforementioned multiple sources briefed on the matter.

The 300,000-sqft Equinox school Park, developed by Essar's realty arm Equinox property, is found a step faraway from the sprawling Infosys field in physical science town. Infosys' new facility would be ready to accommodate a minimum of three,000 staff. The deal ended within the Dec quarter.

A supply near Infosys told TOI that the corporate required the workplace area for immediate rampup and since physical science town was well connected and plenty of Infoscions stayed in South Bangalore, the corporate thought it best to get the property.

An-email question sent to Infosys and Equinox property on the dealing met with no response. Asian nation's biggest realty practice firm Jones Lang explorer India, World Health Organization helped in structuring the deal, declined to supply comment.

Real estate analysts aforementioned that the acquisition was a mirrored image of the growing appetency among domestic and international companies to expand their closely-held workplace area portfolio within the country's IT Capital.

Last year, technology park developer Bagmane cluster cemented a build- to-suit workplace area traumatize Volvo Asian nation for Rs 700 large integer. RMZ Corp, another IT park developer, is in discussions to sell over one million sqft of area to Honeywell Technologies, a deal that's additionally valued at or so Rs 700 large integer.

Infosys along side peers Wipro and TCS square measure among the highest 5 workplace area house owners within the country. As of last year Infosys had a designed up workplace area portfolio of thirty two million sqft, and another thirteen million sqft beneath construction.

Bangalore accounts for concerning V-day of the company's operational workplace area portfolio. Infosys owns near four hundred acres of land on Bangalore's IT passageway of Sajapur Road. "For some reason Infosys has shelved plans to develop during this region and is wanting to shop for out workplace areas near the present facility within the town," aforementioned a supply.

In the last business, Infosys spent Rs a hundred forty five large integer in feat 119 acres of land in Bangalore, Hubli, Mysore and Thiruvananthapuram. within the year before that, it spent Rs 158 large integer to accumulate 371 acres in Bangalore, Bhubaneswar, Mangalore, Nagpur, and Indore.