Tata Consultancy Services (TCS) will acquire Bengaluru-based Darshita Southern India Happy Homes, a commercial real estate firm, for Rs 2,250 crore, the IT services major said in an exchange filing on Tuesday.
The building and the land owned by Darshita Southern India Happy Homes will serve as a delivery centre, it added. The deal will be executed through a call option to acquire 100% equity stake in the entity after two years.
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Earlier in January, CFO Samir Seksaria told FE that TCS is looking to expand its seating capacity throughout the country through a combination of owned and leased properties.
“We have bought land (in Bengaluru) to expand our (seating) capacity over three to four years. We have been expanding pan-India. We added more than 10,000 seats in the quarter and 30,000 seats in the last one year. We started operations in Coimbatore as well,” he said.
In January this year, the company announced the acquisition of TRIL Bengaluru Real Estate Five and TRIL Bengaluru Real Estate Six for Rs 1, 650 crore to service the need for expanded seating capacity.
He added that the capacity expansion is part of the firm’s physical infrastructure capex plans. “Leasing helps us flex our capacity while owning protects us against inflation,” he explained on the strategy regarding owned and leased office spaces.
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According to a CareEdge report, Darshita Southern India Happy Homes is a special purpose vehicle floated by property management outfit Salarpuria Sattva group.
The SPV was originally planned as a residential project. In FY19, it was changed to a commercial office space on lease under the name “Salarpuria Sattva Knowledge Point (KP)” in Bengaluru.
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