HCL Technologies to sell Bengaluru office assets
Technology

HCL Technologies to sell Bengaluru office assets

HCL Technologies intends to offload its office assets in Bengaluru as part of its strategy to monetise non-core real estate assets and streamline operations, according to sources familiar with the matter.

The software services company is seeking to divest its special economic zone campus located in the Jigani industrial area, spanning 27 acres with a total area of 1.6 million square feet.

Insiders suggest that a potential sale could generate around Rs 5.5 billion for HCL Tech.

Over the past year, HCL has been monetising various assets following its exit from the hardware business, which is considered non-core for them. The move aims to consolidate operations across different cities, as stated by one of the individuals with knowledge of the situation.

In addition to the Bengaluru assets, HCL Tech acquired more than 6.5 acres of land in Chennai last year, boasting a built-up area of 5.5 lakh sq ft. Another source familiar with the company's real estate portfolio realignment process mentioned that the deal was concluded last year, and HCL is actively exploring more asset monetisation opportunities.

A spokesperson for HCL Tech had previously mentioned the company's plan to bring back 70?75% of the workforce to the office by the end of the current year. However, in response to recent queries, a spokesperson stated, "As a policy, we do not comment on market speculation."

As of September 2023, HCL Tech's total headcount stands at 221,139. During the September quarter, the company reduced its workforce by 2,299 employees while adding 3,630 freshers, resulting in an attrition rate of 14.2%.

The ongoing transition to hybrid work post-pandemic is reshaping India's real estate landscape, emphasising the importance of collaboration over physical occupancy. Consequently, IT companies are adjusting their property portfolios accordingly. Recent data indicates a surge in office space absorption in major property markets, reaching an 18-month peak in the September quarter, with leasing hitting a six-quarter high of 10.37 million sq ft across the top seven office property markets?a 30% increase from the previous quarter.

HCL Technologies intends to offload its office assets in Bengaluru as part of its strategy to monetise non-core real estate assets and streamline operations, according to sources familiar with the matter. The software services company is seeking to divest its special economic zone campus located in the Jigani industrial area, spanning 27 acres with a total area of 1.6 million square feet. Insiders suggest that a potential sale could generate around Rs 5.5 billion for HCL Tech. Over the past year, HCL has been monetising various assets following its exit from the hardware business, which is considered non-core for them. The move aims to consolidate operations across different cities, as stated by one of the individuals with knowledge of the situation. In addition to the Bengaluru assets, HCL Tech acquired more than 6.5 acres of land in Chennai last year, boasting a built-up area of 5.5 lakh sq ft. Another source familiar with the company's real estate portfolio realignment process mentioned that the deal was concluded last year, and HCL is actively exploring more asset monetisation opportunities. A spokesperson for HCL Tech had previously mentioned the company's plan to bring back 70?75% of the workforce to the office by the end of the current year. However, in response to recent queries, a spokesperson stated, As a policy, we do not comment on market speculation. As of September 2023, HCL Tech's total headcount stands at 221,139. During the September quarter, the company reduced its workforce by 2,299 employees while adding 3,630 freshers, resulting in an attrition rate of 14.2%. The ongoing transition to hybrid work post-pandemic is reshaping India's real estate landscape, emphasising the importance of collaboration over physical occupancy. Consequently, IT companies are adjusting their property portfolios accordingly. Recent data indicates a surge in office space absorption in major property markets, reaching an 18-month peak in the September quarter, with leasing hitting a six-quarter high of 10.37 million sq ft across the top seven office property markets?a 30% increase from the previous quarter.

Next Story
Equipment

Wilo Pumps Boost Efficiency in India’s Metro Stations and Airports

As India’s metro stations and airports handle millions of passengers daily, ensuring seamless operations is critical. One key factor in keeping these transport hubs running smoothly is pump technology. Wilo, a global leader in pump solutions, plays a vital role in water supply, drainage, fire safety, HVAC, and wastewater management in these high-traffic facilities.Metro stations and airports require a steady water supply for drinking, restrooms, cleaning, comfort cooling and fire fighting. Wilo pumps provide reliable water flow, ensuring uninterrupted service even during peak hours. Addition..

Next Story
Products

VEKA Acquires 100% Control of uPVC Business in JV NCL VEKA

VEKA Germany, a global leader in the uPVC profile industry, has successfully acquired 100% ownership of the Company, marking VEKA’s unwavering commitment to the Indian market and its confidence in India’s rapidly expanding construction, real estate, and infrastructure sectors. With VEKA now holding 100% control, following a takeover of the remaining 50% stake previously held by NCL and other shareholders.Since its launch in 2009, the company has become India’s largest producer of uPVC profiles for doors and windows. VEKA holds largest market share across 130 cities, with a strong product..

Next Story
Infrastructure Transport

Titagarh Rail Systems Wins Adani Cement Order for 16 Wagon Rakes

Titagarh Rail Systems Limited (TRSL), a leading Indian rolling stock manufacturer, has been awarded a significant contract from Ambuja Cements Limited and ACC Limited, part of Adani Cement. The order, valued at approximately Rs 537.11 crore, includes the manufacture and supply of 16 BCFCM (Bogie Covered Fly Ash/Cement Wagon) rake wagons with BVCM (Bogie Brake Van Type) wagons, further reinforcing TRSL’s leadership in the freight rolling stock sector.The contract underscores TRSL’s expertise in designing and manufacturing specialised freight wagons for bulk transportation. The BCFCM and BVC..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?