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Technology companies LTI Mindtree and L&T Technology Services (LTTS) are consolidating their real estate assets around Chennai as part of cost cutting initiative. LTI Mindtree has given up a 300,000 sq ft space at Ramanujan IT City SEZ in order to move into the L&T Innovation Campus at Manapakkam in Chennai. LTTS is in talks with DLF about selling the 300,000 sq ft office space.
The IT company is likely to postpone the acquisition of extra space in Chennai in order to reduce real estate costs due to the adoption of a hybrid work mode and the visible global recession. LTI Mindtree has leased 600,000 square feet at Chennai's L&T Innovation Campus as part of its Phase 1 strategy. The company plans to use the space by the first quarter of 2024.
LTI Mindtree is a global technology consulting and services company that provides end-to-end digital transformation solutions to clients in various industries including banking and financial services, insurance, healthcare, manufacturing, and retail. With a focus on innovation and sustainability, LTI Mindtree offers a range of services, including application development and maintenance, infrastructure management, cloud computing, data analytics, and digital commerce.
The company operates in over 20 countries and has a workforce of more than 26,000 employees. LTI Mindtree's unique approach to problem-solving and its ability to deliver customized solutions have earned it a reputation as a trusted partner for businesses looking to leverage technology to drive growth and competitive advantage.
L&T Technology Services (LTTS) is a global engineering services company headquartered in India. With a presence in 17 countries, the company provides a range of services such as engineering, research and development, product design and testing, and digital solutions to various industries including aerospace, automotive, telecom, and healthcare. LTTS is known for its expertise in cutting-edge technologies such as artificial intelligence, machine learning, internet of things, and augmented reality. The company has won several accolades for its services and has been consistently ranked among the top global engineering services providers.
In conclusion, LTI Mindtree and L&T Technology Services are taking steps to consolidate their real estate assets around Chennai as part of their cost-cutting initiatives. The adoption of a hybrid work model and the global recession have led these technology companies to revaluate their real estate needs. Despite these challenges, both companies remain leaders in their respective industries, providing innovative and sustainable solutions to clients worldwide.
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