Happiest Minds acquires commercial property in Bengaluru for Rs 101cr
Happiest Minds Technologies, an Indian digital transformation and IT services company, said that it has acquired a commercial property in Bengaluru for INR 101 crores.
The Grade A, fully built up ready to use property has a built area of 240,000sft.
The acquired facility of Happiest Minds Technologies has a seating capacity of 1,600 seats, and is located in the technology hub of Electronics City.
Venkatraman Narayanan — Happiest Minds Technologies MD and CFO 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”
According to Happiest Minds Technologies, the facility increases its seating capacity in Bengaluru by nearly 30% and aligns with its growth plans and goal of bolstering delivery capabilities in existing and newer locations such as Bhubaneshwar.
Recently, Happiest Minds Technologies forged a partnership with CloudFabrix’s Robotic Data Automation Fabric (RDAF), a transformational low code data intelligence, and automation platform, for providing next generation managed services.