Apple India has taken a property located in Bengaluru’s Prestige Estates Projects’ commercial building at Prestige Minsk Square at Rs 235 per sq ft per month.
Bengaluru: In a significant development from the silicon city of India, Apple India has signed one of the biggest office lease deals in Bengaluru in its recent towards making India one of the biggest suppliers of iPhone manufactures of the world. Taking up around 2.7 lakh sq ft of space at Embassy Group’s Embassy Zenith project for a 10-year term, Apple India has taken the lease of the space at massive value of over Rs 1,000 crore, setting a new benchmark with rates touching Rs 235 per sq ft per month.
Why is Apple India paying Rs 1000 crore for space in Bengaluru?
As per media reports, the Apple India Rs 1000 crore deal covers nine floors (5th to 13th) with a carpet area of 1.96 lakh sq ft and includes 362 parking slots in the Prestige Estates Projects’ commercial building at Prestige Minsk Square. As a part of the deal, Apple will pay Rs 6.31 crore in monthly rent with a 4.5% annual escalation and has deposited Rs 31.57 crore as security. It also has the option to lease an additional 1.21 lakh sq ft across the lower floors.
Apple begins iPhone 17 production at Bengaluru plant
In a significant development, Taiwanese electronics major Foxconn and Apple’s key supplier started production of iPhone 17 at its new Bengaluru factory, marking a significant milestone for the facility, amid the strained India-US trade relations.
With the Bengaluru factory being Foxconn’s second-largest iPhone manufacturing unit outside China, the Apple iPhone manufacturing in India is expected to take a massive jump.
Set up at an investment of around $2.8 billion (about Rs 25,000 crore), the Bengaluru unit, located in Devanahalli, is now operational alongside Foxconn’s Chennai plant, where iPhone 17 production is also underway, a report by IANS news agency said.
The report also adds that the Apple new facility had faced a brief setback earlier this year when several Chinese engineers left abruptly due to reasons that were not certain. However, left unaffected, Foxconn since managed to bring in experts from Taiwan securing India’s iPhone manufacturing dreams.
(With inputs from agencies)
