Company Will Provide $10 Million (Rs 65 crore) in Direct Grants to Assist Public in Chennai; Up to $30 Million (Rs 195 crore) in Grants and Loans Earmarked to Assist Employees and Business Partners
TEANECK, N.J. and CHENNAI, India, Dec. 8, 2015 /PRNewswire/ -- Cognizant (NASDAQ: CTSH) today announced a commitment of $40 million (Rs 260 crore) to help residents, its employees and business partners in Chennai, India, with relief and rehabilitation in the aftermath of recent flooding.
Cognizant, one of Chennai's largest employers with more than 60,000 employees and 11 facilities, will take a multi-pronged approach to support relief and longer-term rehabilitation measures in the city.
The $10 million (Rs 65 crore) of funding is targeted to help the residents of Chennai through:
In addition, Cognizant has committed $30 million (Rs 195 crore) to assist with the immediate and longer-term recovery needs of its employees and business partners through:
Cognizant also plans to sponsor and fund additional initiatives through Cognizant Foundation, which spearheads the company's corporate social responsibility initiatives in India, and Cognizant Outreach, the company's employee-led, grassroots volunteering program.
"Corporate support must play a vital role in providing immediate relief and helping to rebuild Chennai," said Gordon Coburn, President. "Chennai is home to tens of thousands of our employees and their families. We are committed to helping with the large challenge of rebuilding the city and addressing the health, safety and housing needs of the residents of Chennai. We've been overwhelmed by the support of our employees, clients and business partners and are working with them to direct their support to impactful relief causes. We encourage the larger Chennai business ecosystem to join us in the effort to quickly recover from this disaster."
About Cognizant
Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services, dedicated to helping the world's leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With over 100 development and delivery centers worldwide and approximately 219,300 employees as of September 30, 2015, Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and fastest growing companies in the world. Visit us online or follow us on Twitter: Cognizant.
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