Andhra Pradesh government will give 21.16 acres of land to TCS for 99 paise, 12,000 people will get jobs

The country’s largest IT company Tata Consultancy Service (TCS) is going to make a big investment in Andhra Pradesh. For this, the Andhra Pradesh government will allot 21.16 acres of land to Tata Group’s IT company TCS at a token lease price of 99 paise. The Andhra Pradesh Cabinet approved it on Tuesday. This land located on IT Hill Number Three will be used as an IT campus. TCS is expected to invest Rs 1370 crore in the proposed campus. This project will create 12,000 jobs.

The Cabinet also approved the expansion of the steel plant

An official press release said, “The Cabinet has approved the allotment of 21.16 acres of land to TCS in Visakhapatnam IT Hill Number Three, Andhra Pradesh to set up an IT campus. This is expected to provide jobs to 12,000 people. Apart from this, the state cabinet has also approved the proposal of Mahamaya Industries Limited for the expansion of an integrated steel plant in Vijayanagaram, among other matters.

The company’s profit has declined

Let us tell you that TCS released the results of the fourth quarter of FY 2024-25 on April 10 last week. According to the information given by the company, TCS’s net profit fell by 1.6 percent to Rs 12,224 crore in the January-March quarter. However, during this period, the company’s revenue increased on an annual basis. TCS got a record $ 12.2 billion contracts in the fourth quarter. Apart from this, the company also crossed the revenue milestone of $ 30 billion in FY 2024-25.

The company’s shares closed with a gain on Tuesday

On Tuesday, TCS shares closed at Rs 3247.70 on the BSE with a gain of 0.48 percent (Rs 15.40). However, the company’s shares are still well below their 52-week high. The 52-week high of TCS shares is Rs 4585.90. The current market cap of the company is Rs 11,75,046.28 crore and in terms of market cap, it is the third largest company in India after Reliance Industries and HDFC Bank.