Micron leases 10 lakh sq ft space in Phoenix's Tech Zone
American IT major Micron Technology picked up 1.03 million square feet (10.3 lakh sft) of space at Phoenix’s Tech Zone in Nanakramguda, making it the single largest leasing deal among Telangana’s SEZs. The lease application was approved on Tuesday, confirmed A Ram Mohan Reddy, zonal development commissioner of Visakhapatnam SEZ (VSEZ) which comprises AP, Telangana and Chhattisgarh. He said the firm would soon occupy 14 floors in the newly constructed SEZ. “Beginning February 28, 2020, Micron will operate from a temporary incubation space measuring 91,625 sft in the SEZ. Once the permanent office is ready, the operations will move there,” Reddy said. “Micron’s projected investment for the next five years is Rs 3,820 crore, with exports of up to Rs 6,228 crore. The company has also assured employment to 5,000 people – 3,500 men and 1,500 women – over the next five years.” Industry sources said the leasing agreement between Micron and Phoenix was brokered by global real estate services firm Cushman & Wakefield.
Tags : News/Views