Tata Consultancy Services (TCS) on March 11 announced the acquisition of 100 percent equity shares of Darshita Southern India Happy Homes for Rs 2,250 crore, the IT major said in an exchange filing.
The Tata group firm will also acquire the land and the building of the commercial real estate firm, turning it into a delivery centre for the tech giant, the stock filing said.
A company source clarified that the deal has a call option to acquire 100 percent equity shares in the entity after two years. This is being done through a special purpose vehicle (SPV) that will allow the company to buy a part of the real estate of Darshita Southern India Happy Homes.
The delivery centre planned will be located in Bengaluru, the source said.
Darshita Southern India Happy Homes, incorporated in September 2004, is engaged in development of a commercial property which would be let on lease to prospective industrial consumers. "Since the property is still under development, revenue generation is yet to commence, hence last 3 years turnover is Nil," the company statement said.
This comes at a time when peers like HCLTech are also expanding their delivery centre network, having launched centres in Kerala and Hyderabad in Telangana; signaling working from office and being closer to customers becoming the norm post the pandemic's hybrid culture trend in the sector.
This also reflects the IT sector's continued headcount increase plans for the future even though at a slower pace with AI taking over. HCLTech's Hyderabad centre, for instance, will have a capacity to accommodate 5,000 employees
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
