Telangana’s Biggest SEZ Deal: Micron Technology Leases 1 Million S.Ft

Micron Technology, one of the most prominent American firms, obtained 1.03 million square feet (10.3 lakh sqft) of space at Phoenix's Tech Zone in Nanakramguda, which makes it one of the Telangana's biggest SEZ deal. On Tuesday, A Ram Mohan Reddy, Visakhapatnam SEZ Zonal Development Commissioner (VSEZ), confirmed on the lease application. He said that in a newly built Telangana SEZ, Micron Technology would soon occupy 14 floors for its operations.

The presence of Micron Technology in Hyderabad reflects a strategic effort to enhance Micron's technological management by remaining agile and innovative. In India, Bengaluru being its first stop to start its operations, Micron Technology entered Hyderabad in 2019 and established its World Development Center in Madhapur. In October last year, the centre was officially opened.

SEZ Investments in Telangana and Andhra Pradesh

It is speculated that in the following years, Hyderabad could become the third or fourth-largest world operating locations of Micron, since at current situation the company has already grown strong with a team of around 750 members. The rapid growth of Micron in Hyderabad design and technical teams resembles that the youngest metropolitan city is full of talented and highly qualified professionals.

Ram Mohan Reddy asserted that "Micron will be operating in the SEZ at the start of 28 February 2020 from a temporary 91,625 S.ft incubation area. The operations will move there once the permanent office is ready". He added, "we have sanctioned 73 units rental over 53 SEZs in the area over the past nine months. 70% of this are located in Telangana, and others have been rented in Andhra Pradesh. Apart from Micron, they were even some big leases that were between one lakh and three lakh S.ft."

Throughout the next five years, Micron is preparing investment for Rs 3,820 Crore, with exportations of up to Rs 6,228 Crore. The company has also secured 5,000 jobs including 3,500 men and 1 500 women over the next five years. A few industry sources have stated that the global real estate services company Cushman & Wakefield have negotiated the leasing agreement between Micron and Phoenix.

Micron Technology, headquartered in Boise (Idaho) offers data storage solutions for computers. As of now, It is present in 18 countries with 37,000 members of the team. On the day of their initial launch in Hyderabad, Micron had announced their plan to expand considerably in Hyderabad. They are now expanding their footprint much faster than expected to bring more employment opportunity for the youth. With this additional SEZ infrastructural development, properties for sale in Nanakramguda are set to hike more in future days for a profitable ROI.

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By Govi