What you need to know
- Apple has signed a new real estate deal in India.
- It is moving into the Minsk Square building in Bengaluru.
- It's a sign of Apple's growing investment in the country.
Apple has reportedly signed its biggest-ever India real estate deal in Bengaluru, India, a sign of its growing investment in the country.
From The Times of India:
Apple has leased about 4 lakh sqft of commercial office space in Bengaluru's central business district.
This is the US-based tech giant's biggest real estate deal in the country.
Apple has signed the lease with Prestige Estates at its Minsk Square building and will pay a rental of Rs 170 per sqft, which works out annually to Rs 82 crore. Apple and Prestige did not respond to requests for comment.
Just two weeks ago, Apple opened its online store in the country, allowing customers to purchase goods directly from Apple for the first time.
Apple has also vastly increased its manufacturing base in the country, encouraging its key suppliers to set up shop there. Driven in part by government subsidies and a need to diversify its supply chain, Apple recently started manufacturing the iPhone 11 in the country, the first time a flagship iPhone has ever been made outside of China. Whilst manufacturing efforts currently focus on devices for the India market to bypass heavy government import duties, there are murmurings that Apple may look to export devices made in the country in the future.