Days after the tech company announced its arrival in the Indian market with the expected launch of its official store in Mumbai, Apple has leased an ‘exclusive zone’ in the Jio World Drive mall owned by richest Indian businessman Mukesh Ambani.
Apple’s lease agreement states that its 22 competing brands including Microsoft, LG, Amazon, Facebook, Sony, Google and others will not be able to occupy the space or even display any form of advertisement inside the exclusivity zone of the mall.
The lease clearly states that the Reliance Jio World Drive mall will not be allowed to grant any leases, licenses, sublicenses, subleases, or other agreements to any of the 22 Apple rivals.
They have a 11-year deal for a total space of around 20,800 square feet. This information was obtained by analytics company CRE Matrix, reports Economic Times.
If reports are to be believed, INR 42 lakh will be paid in rent, with a 2 per cent revenue share contribution for the first three years, later it will increase to 2.5 per cent after the first three years. The report also adds that it can be increased by 15 per cent every three years.
Though the date has not yet been announced, it is believed that the much-awaited Apple store will launch as soon as this month.
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