Cummins buys office in Pune to house about 5,000 employees
Cummins, a US-based industrial engine maker, bought its India office campus building in Pune from Panchshil Realty for Rs.750 crore. This is one of the biggest deals in office realty. The area of the property is around seven lakh square feet spread over two office towers in Balewadi, Pune. It has the capacity to house 5,000 employees.
Pune-based Panchshil Realty has entered into another big real estate deal as it has recently acquired the landmark Express Tower building in Nariman Point in Mumbai for about Rs. 900 crore after partnering with US-based PE giant Blackstone. It is also building Trump Towers in Pune, which is Donald Trump’s first luxury residential project in India.
A joint venture established in 1962 marked entry of Cummins in India, after which it set up a plant in Pune that began manufacturing engines in early 1964. Cummins increased its stake in the venture to 51% in 1997, making it a consolidated subsidiary of Cummins Inc.
Source: The Hindu Business Line
Cummins, office campus, Panchshil Realty, Property bought, Pune
