According to a report by the Economic Times, Apple will pay over Rs 42 lakh in rent to the Ambani-owned mall for its first retail store in India. The lease agreement reportedly includes a clause that restricts entry for rivals of Apple.
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Apple iPhone, AirPods, iPads and other Apple devices will soon be sold in India at the brand’s first retail store that will be opening soon at Reliance Jio World Drive mall in Mumbai. The launch of Apple’s first official store is long awaited and to make the best out of it, the tech giant has reportedly leased an ‘exclusive zone’ in the Ambani-owned mall. According to a report by the Economic Times, Apple’s lease agreement bars 22 competing brands including Amazon, Facebook, Google, LG, Microsoft, Sony, and others from occupying space or displaying any advertisement inside the exclusivity zone of the mall.
The report claims that the information about the exclusive lease agreement was obtained by information analytics company CRE Matrix. As per the lease, the licensor will not be allowed to grant any licenses, sublicenses, leases, subleases, or other agreements to Apple rivals.
MV Satish, the senior executive vice president (buildings) at Larsen & Toubro, has confirmed to Moneycontrol that L&T is building India’s first 3D-printed post office for Rs 23 lakh in Bengaluru.
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