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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 signed an agreement to acquire a data center in Navi Mumbai that will span more than 3.81 lakhs. square footage through a long term. Lease term 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 company 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 of the rental rate. According to an Economic Times report, 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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The data center to be located at Navi Mumbai is anticipated to be developed over the next twenty-four months, which is also the time the lease will begin.
The structure will consist of a basement and a roof level in addition to its other seven stories.
In order to record the transaction, Raiden Infotech India has already paid a stamp duty of more than Rs 7.26 crore.
An agreement was reached between Raiden Infotech India, Amanthin Info Parks (the sub-lessor) and the Maharashtra Industrial Development Corporation (MIDC), which leased the land from Amanthin Info Parks. Together, these three parties formed a tripartite agreement to reach a consensus on the issue. Whole World, which is located 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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Under 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 first offer on any additional space that is required.
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