BENGALURU: The country's largest IT services company Tata Consultancy Services (TCS) will acquire 100% equity share of Darshita Southern India Happy Homes Private Limited for Rs 2,250 crore in cash consideration.
The company in a BSE filing said the acquisition of land and building of Darshita is to expand TCS' delivery centre. This is said to be located in Bengaluru.
"Incorporated in September 2004, the entity 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," it said in the regulatory filing.
TCS has a call option to acquire 100% equity shares in the entity after two years.
Earlier in January, TCS announced the acquisition of TRIL Bengaluru Real Estate Five Limited and TRIL Bengaluru Real Estate Six Limited for Rs 1,625 crore. In January this year, it executed the Share Purchase and Securities Purchase Agreement (SSPA) with Tata Realty and Infrastructure Limited (TRIL) and Entities for acquisition of 100% of (i) equity shares and (ii) optionally redeemable convertible debentures of entities held by TRIL, in two tranches.
The development is part of a trend, where many IT companies are now expanding their delivery centres. Last month, HCLTech announced the launch of a new centre in Hyderabad. Located in the Hi-Tech City, the facility will house 5,000 people.
C Vijayakumar, CEO and Managing Director, HCLTech said, “We are in the midst of an exciting phase of technology evolution led by AI. HCLTech’s full stack portfolio and our people are helping enterprises unlock the power of these emerging technologies. Hyderabad is a strategic location in our global network to deliver these solutions to our clients and support the growth of Global Capability Centers in the city.”