Mumbai: Information technology Tata Consultancy Services said on 10 August that Tata Realty and Infrastructure Ltd (TRIL), engaged in development of real estate and infrastructural facilities, will develop its properties.
TCS have entered into a Memorandum of Understanding (MoU) with TRIL for developing properties for the IT company on land owned or to be owned by it.
The MoU covers eight properties located at Pune, Trivandrum, Kochi, Ahmedabad, Hyderabad, Kolkata, Nagpur and Mangalore about 380 acres acquired or to be acquired by TCS, the company said in a statement to the Bombay Stock Exchange.
Under the MoU, properties would be developed in a phased manner over the next few years. The buildings would be constructed and owned by TRIL (or by Special Purpose Vehicles set up by TRIL) and would be leased to TCS.
TCS and TRIL are both promoted by and subsidiaries of Tata Sons Ltd.
Shares of TCS were last trading at Rs1,133.55, down 1.13% on the BSE.