Bengaluru, NFAPost: Happiest Minds Technologies Limited (NSE: HAPPSTMNDS) announced that it has purchased a Grade A, fully built up ready to use commercial property with a super built area of 240,000 Sq.Ft in Bengaluru for a consideration of ₹101 Crores.
The facility with a seating capacity of 1,600 seats is in the technology hub of Electronics City. Speaking on the purchase, Happiest Minds Technologies MD & CFO Venkatraman Narayanan said financially, the purchase is funded substantially through borrowings from banks at very favorable terms.
“The transaction is positive from a P&L perspective while adding a significant asset to our balance sheet. We have structured repayments in a manner such that cash flows are neutral in the medium and positive in the long term,” said Happiest Minds Technologies MD & CFO Venkatraman Narayanan.
The facility enhances the Company’s seating capacity in Bangalore by about 30% and is in-line with expansion plans and objective of strengthening delivery capabilities across existing and newer locations like Bhubaneshwar.
About Happiest Minds Technologies:
Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a Mindful IT Company, enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights. We do this by leveraging a spectrum of disruptive technologies such as: artificial intelligence, blockchain, cloud, blockchain, cloud, digital process automation, internet of things, robotics/drones, security, virtual/augmented reality, etc.
Positioned as ‘Born Digital. Born Agile’, our capabilities span digital solutions, infrastructure, product engineering and security. We deliver these services across industry sectors such as automotive, BFSI, consumer packaged goods, e-commerce, edutech, engineering R&D, hi-tech, manufacturing, retail, and travel/transportation/hospitality.
A Great Place to Work-Certified™ company, Happiest Minds is headquartered in Bangalore, India with operations in the U.S., the UK, Canada, Australia, and the Middle East.
