The Economic Times Title : L&T Tech Gets Future Ready, Leases 4 lakh sq ft in City Author : SOBIA KHAN Location : BANGALORE Article Date : 08/14/2014 Space will be able to accommodate 4k people L&T Technology Services, a wholly-owned subsidiary of engineering company Larsen & Toubro, has leased 4 lakh sq ft of office space in Bangalore to expand and consolidate its business. A commercial deal of this magnitude suggests a major build-up of operations, with experts estimating the space can accommodate about 4,000 people. “L&T Technology Services has signed an agreement to lease out space in Manyata Embassy Business Park in Bangalore. This is to consolidate within the location and have all employees in one building. It will also include future expansion,“ an L&T Technology Services spokesperson said. The firm also has expansion plans for other existing locations, including Mumbai and Chennai. The IT firm currently works out of three offices in Manyata Embassy Business Park, which is spread over 110 acre in north Bangalore. The park has a potential built-up area of 18 million sq ft and houses multinational companies such as IBM, ANZ, Nokia Siemens Network India and Cognizant Technologies. “L&T Technology Services is looking to hire around 5,000 engineers over the next two years to maintain its growth,“ said a person with knowledge of the development. The firm currently employs about 2,900 people in Bangalore and has staff strength of 9,500 in India and overseas. The technology firm recently said it is targeting revenue of $1 billion by focusing on markets such as Japan, the Middle East and Korea and through acquisitions. The company didn't disclose current rev enue figures. Mumbai-based parent Larsen & Toubro also plans to list both tech units, L&T Technology Services and L&T Infotech, after July 2016. “We are positive on the outlook of the business and are creating an appropriate infrastructure to meet growing needs of the business,“ the company said in an email response to queries. L&T Technology Services provides endto-end services, including product design, prototyping, analysis and testing, manufacturing engineering, asset information management and engineering process support. The increase in leasing activity and improved business confidence comes as a blessing for the commercial real estate sector. The total net absorption of commercial property across the top eight cities in India in the first half of 201 4 was 13.4 million sq ft compared with 11.5 million sq ft a year earlier, according to Cushman & Wakefield. Total absorption of Grade A space, which is equipped with world-class amenities, is foreign investment compliant and commands the highest rent, is expected to be 28.3 million sq ft in these cities this year. [email protected] Page 1 of 2 8/14/2014 http://epaperbeta.timesofindia.com/Article.aspx?eid=31815&articlexml=LT-Tech-Gets-Fu ...
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The Economic Times Title : L&T Tech Gets Future Ready, Leases 4 lakh sq ft in CityAuthor : SOBIA KHANLocation :BANGALOREArticle Date : 08/14/2014
Space will be able to accommodate 4k peopleL&T Technology Services, a wholly-owned subsidiary of engineering company Larsen & Toubro, hasleased 4 lakh sq ft of office space in Bangalore to expand and consolidate its business.
A commercial deal of this magnitude suggests a major build-up of operations, with experts estimatingthe space can accommodate about 4,000 people.
“L&T Technology Services has signed an agreement to lease out space in Manyata Embassy BusinessPark in Bangalore.This is to consolidate within the location and have all employees in one building. It will also includefuture expansion,“ an L&T Technology Services spokesperson said. The firm also has expansion plansfor other existing locations, including Mumbai and Chennai.
The IT firm currently works out of three offices in Manyata Embassy Business Park, which is spreadover 110 acre in north Bangalore.
The park has a potential built-up area of 18 million sq ft and houses multinational companies such asIBM, ANZ, Nokia Siemens Network India and Cognizant Technologies.
“L&T Technology Services is looking to hire around 5,000 engineers over the next two years tomaintain its growth,“ said a person with knowledge of the development. The firm currently employsabout 2,900 people in Bangalore and has staff strength of 9,500 in India and overseas.
The technology firm recently said it is targeting revenue of $1 billion by focusing on markets such asJapan, the Middle East and Korea and through acquisitions.
The company didn't disclose current rev enue figures. Mumbai-based parent Larsen & Toubro also plansto list both tech units, L&T Technology Services and L&T Infotech, after July 2016.
“We are positive on the outlook of the business and are creating an appropriate infrastructure to meetgrowing needs of the business,“ the company said in an email response to queries. L&T TechnologyServices provides endto-end services, including product design, prototyping, analysis and testing,manufacturing engineering, asset information management and engineering process support.
The increase in leasing activity and improved business confidence comes as a blessing for thecommercial real estate sector. The total net absorption of commercial property across the top eight citiesin India in the first half of 2014 was 13.4 million sq ft compared with 11.5 million sq ft a year earlier,according to Cushman & Wakefield.
Total absorption of Grade A space, which is equipped with world-class amenities, is foreign investmentcompliant and commands the highest rent, is expected to be 28.3 million sq ft in these cities this [email protected]
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