700,000 sq ft warehousing space leased by RenewSys India in Mumbai
Solar PV maker RenewSys India has leased 700,000 sq ft of warehousing space from IndoSpace in Khalapur near Mumbai. This long-term lease exceeds 10 years for which the firm will be paying starting rentals of Rs 1.44 crore per month.
As per updates, the agreement includes a clause with an initial rent escalation of 15% after the first 36 months, followed by a 5% annual increase for the remaining duration of the lease.
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