Amazon Data Services India has acquired a four-acre land parcel in Mumbai’s Powai suburb from Larsen & Toubro, a prominent engineering and construction company, through a long-term lease of 18 years.
The Amazon subsidiary intends to construct a data center on this land, entailing a rental payment of over INR 562 Crore for the entire lease duration, excluding rent escalation. The lease agreement features a provision for an annual increase in lease rent by 3%.
A security deposit of INR 2.40 crore has already been remitted by Amazon Data Services India to Larsen & Toubro. Additionally, a premium of INR 18 crore per acre, summing up to INR 72 crore, will be paid to the landlord.
According to the lease terms, Amazon will get a rent-free period spanning 24 months throughout the lease duration, including the initial six months from the lease commencement date. The land parcel, encompassing four acres, is slated to be handed over between April 2025 and March 2026. The lease is set to conclude on August 15, 2043.
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