Cognizant ropes in JLL for sale of its world's largest facility: sources

Cognizant's logo is pictured on a smartphone in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

BENGALURU (Reuters) - Software services giant Cognizant has appointed real estate management firm JLL as an adviser to find buyers for leasehold land tied to its globally largest facility by area located in Chennai, according to three people familiar with the matter.

The move to exit its Siruseri, Chennai facility comes after Cognizant in May unveiled a restructuring plan to cut costs by $400 million in two years, including giving up 11 million square feet in office space, or around 80,000 seats.