Apple recently signed a monthly lease in an effort to expand offices in India.
Previously, the Cupertino-based company had a 4,000 square feet lease in Bengaluru for its Design and Development Accelerator program. Apple has taken a new monthly lease to the tune of $300,000 but there’s no exact details on whether there’s an additional space rented at this time.
Along with the lease contract, Apple added a condition that there will be no competitors who will be allowed to rent building space. In the deed document, Apple mentioned Amazon, Netflix, Spotify, Alphabet, Baidu, Microsoft, Xiaomi, Samsung, Huawei, Tencent, and Facebook. Payment due starts on July 1 this year, with the monthly charge going up by 15% after three years. Apple agreed to lease Minsk Square for a total of ten years. However, the contract states that Apple can renew the deal after five years for three additional terms.
