The Minnesota Department of Employment and Economic Development awarded a $500,000 loan to Tata Consultancy Services, an information technology company, as an incentive to persuade the India-based company to open its operations center in the Minneapolis suburb of Bloomington, Minnesota.
The funding, awarded under the agency's Minnesota Investment Fund, will assist TCS to move into 50,000 square feet on two floors at the 8300 Tower of the Normandale Lake Office Park. Minnesota economic development officials said in exchange for the loan, the company committed to creating 150 high-tech jobs in the state paying an average salary of $27 an hour. In addition, half the loan will be forgiven once the jobs are created. The company plans to employee a total of 300 employees at the 8300 Tower, including new workers as well as employees who will move from its offices elsewhere in the metropolitan area. The firm did not immediately disclose details about the size of its investment.
In addition to the loan, company officials said they were attracted to the site because of its proximity to the Minneapolis-St. Paul International Airport and the area's many amenities, including restaurants, shops, meeting facilities and nearby trails.
According to the firm its TCS Solutions Center-Minneapolis will serve as a hub for delivering technology services to customers in the region and is an integral part of TCS' Global Network Delivery Model.
"The decision to open a new TCS facility in the Minneapolis region is part of our company's on-going commitment to grow our presence in each and every market we serve," said N. Chandrasekaran, TCS' Chief Executive Officer and Managing Director. "Over the past few years, Minnesota has put an emphasis on technological innovation that aligns with TCS' breadth of industry expertise, innovative engineering strength and commitment to providing cutting-edge solutions, and will only enhance the scope and scale of our customer offerings in North America."
"TCS welcomes the employees of our newest facility into the organization," said Surya Kant, President of TCS' North American, UK and European operations. "This facility represents TCS' latest investment in the United States market as we continue to seek out ways to better serve our customers here and around the world."
"We are very excited and deeply grateful that Tata Consultancy Services has decided to expand its operations in Minnesota," said Gov. Mark Dayton. "The company will become a very important employer in Bloomington, and we look forward to assisting its continued success and growth in Minnesota."
"TCS is a rapidly expanding information technology company that is an excellent fit for the Twin Cities market," said Department of Employment and Economic Development Commissioner Mark Phillips. "Many of the company's corporate customers are already here, and the region has a strong technology workforce."