Oracle India Pvt Ltd will lease large office space in the Bandra Kurla Complex. The IT majorhas already signed the agreement.
Oracle India will lease office space in BKC.
MUMBAI: Oracle has signed a lease agreement for its Indian arm Oracle India Pvt Ltd. The IT major has leased large sized office space in the Bandra Kurla Complex in Mumbai. The group will lease 50,000 sq. ft. of office space.
Oracle India will have to pay Rs.340 per sq. ft. for gaining office in the BKC which is one of the most costly office spaces across India and Asia Pacific Region. The lease agreement will be for a term of nine years.
One floor will be fully leased by Oracle India. The transaction worth Rs.183.6 Cr is the largest lease transaction in FIFC. First International Financial Centre (FIFC) is a Grade-A commercial development in BKC.
Oracle India lost the deal it was planing with Brigade, a Bangalore-based Group, for a 1.2-million square feet trade space in its project.
In order to consolidate its numerous leased spaces in Bangalore, the IT major, Oracle, had planned an office space in Brigade Northstar,a tower complex with 30 floors within Brigade Gateway.
Oracle informed its employees through an email that the deal couldn’t get through, so pursuing this location is not the plan now. Around 8000 employees were supposed to be transfered to the facilities of Northstar.
Northstar is a part of Brigade Group’s 40-acre township called Brigade Gateway and includes apartments, Sheraton Hotel, malls and Columbia Asia Hospital.
It could have been proved one of the major deals if it could get through. Also, this deal could bring a profit of Rs. 600 cr. to the brigade. Oracle was after Brigade since last six months but the deal could not get through since the differences over in the prices could not be settled.
In around 12 months from November 2009, the first team will be shifted to the new location was the upcoming plan of Oracle. Centralising its administrative functions and common operations and common operations was another plan.