Apple has reportedly secured a lease for several floors of Prestige Minsk Square, a commercial building in Bengaluru, for a period of 10 years at a monthly rent of ₹2.44 crore.

What Happened? The iPhone and iPad maker is planning to occupy three floors and portions of two other floors, covering an area of 1,16,888 square feet, according to a MoneyControl report citing documents accessed by Propstack.

The rent will be increased by 15% every three years, with a lock-in period of five years for both parties. The company also has the option to renew the lease for three additional terms of five years each.

See also: Apple CEO Tim Cook To Touchdown In India For Flagship Store Launch, Talk Strategy With Ministers: Report

Why it Matters? The company reportedly plans to use the space as a global capability centre and has prohibited competitors like Alphabet, Microsoft, Samsung, Xiaomi, Amazon, Huawei, Netflix, Facebook, Spotify, Baidu and Tencent from occupying space in the building.

With plans to expand output from India to 25%, Apple will rely on its global capability centres as centres of excellence and innovation.

Apple, last week, officially lifted the curtains off its long-awaited own branded retail store in India and announced the impending debut of ‘Apple BKC’. The company unveiled the barricade of its first brick-and-mortar store at Jio World Drive Mall in Mumbai.

See also: iPhone Production In India Surges A Whopping 162% As Apple Braces For China Scares