Samsung R&D Institute India has secured a renewed lease for its prominent office space spanning 4.2 lakh square feet within Bengaluru's Bagmane World Technology Centre. The lease, effective from June 4th, 2024, extends for 60 months with an annual rent of approximately INR 51.6 crore. This strategic move highlights Samsung's long-term commitment to India's IT sector, leveraging Bengaluru's robust infrastructure and skilled talent pool. The office provides Samsung with 11 floors of dedicated workspace, 562 parking slots, and 10 exclusive elevators, reinforcing its significant presence in India's tech landscape and fostering innovation through collaboration with local partners.
Samsung R&D Institute India, the company's largest software research and development centre outside South Korea, has secured a renewed lease for its office space in Bengaluru in a move that highlights the continued importance of India's IT industry for global tech giants.
The renewed lease pertains to a sizable property spanning 4.2 lakh square feet located within Bagmane World Technology Centre, a prominent IT/ITES Special Economic Zone (SEZ) on Bengaluru's Outer Ring Road. This strategic location places Samsung at the heart of India's IT corridor, providing access to a skilled talent pool of professionals and excellent connectivity for its operations.
The new lease agreement extends for a period of 60 months, commencing from June 4th, 2024. The monthly rent is set at INR 4.3 crore, with an annual escalation of 5% built into the contract. This translates to an annual rent of approximately INR 51.6 crore for Samsung. Considering the total space leased, Samsung is paying roughly INR 102 per square foot per month.
The leased property offers Samsung a dedicated work environment with 11 floors of office space, providing ample room for its operations. Furthermore, the property has 562 car parking slots and 10 exclusive elevators within the building, ensuring convenient access and efficient space utilisation. This renewal demonstrates Samsung's long-term commitment to its Bengaluru operations and its significant presence within India's IT sector, solidifying its position as a major player in the Indian tech landscape.
Samsung R&D Institute India, or SRI-B, is the company's largest software research and development centre outside South Korea. Since its establishment, SRI-B has played a crucial role in driving innovation, having executed close to 300 projects. The centre fosters collaboration with various Indian organisations within the software and technology fields, contributing to the overall growth of the domestic tech ecosystem. This collaborative approach allows Samsung to leverage India's talent pool while also contributing to the advancement of the Indian IT sector.
This renewed lease agreement between Samsung and Bagmane World Technology Centre highlights the enduring appeal of Bengaluru for major technology companies. The city's robust infrastructure, skilled workforce of over 400,000 IT professionals, and well-developed IT infrastructure with a total built-up space of 6 million sq ft in Bagmane WTC Park alone continue to attract leading firms seeking a strategic foothold in the Indian market. Bengaluru's position as a leading IT hub is assured with continued investment from major players like Samsung.
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