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As part of its efforts to expand its cloud infrastructure in India to meet growing demand in one of its key growth markets, Google has entered into an agreement to acquire a data center in Navi Mumbai that will span over 3.81 lakh square feet through a long-term lease of 28 years. The lease will be for the duration of the acquisition.
Over the first ten years of the lease, the Alphabet subsidiary, through its affiliated firm Raiden Infotech India, would pay more than $140 million, which is equivalent to Rs 1,144 crore. This amount takes into account an annual increase of 1.75 percent for the rental rate. According to a report in Economic Times, this move comes after Google recently acquired a facility at Adani Data Center in Noida measuring 4.64 lakh square feet through a 10-year lease. This facility was located in Noida.
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It is anticipated that the data center that will be located in Navi Mumbai would be developed during the next twenty-four months, which is also the time when rent will start.
The structure will consist of a basement as well as a level on the roof in addition to its seven other stories.
For the purpose of registering the transaction, Raiden Infotech India has already paid a stamp duty of more than Rs 7.26 crore.
An agreement was made between Raiden Infotech India, Amanthin Info Parks (the sub-lessor), and the Maharashtra Industrial Development Corporation (MIDC), which leased the land to Amanthin Info Parks. Together, these three parties formed a tripartite agreement to reach a consensus on the matter. Everyone, which is situated in the United States and is a joint venture between Yondr Group and Everstone Group in Singapore, is the owner of Amanthin Info Parks.
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According to the terms of the deal, Google has the ability to increase the size of the facility by an equivalent amount, and the tech giant also has the right to make the first offer on any additional space that may be required.
